Resideo Closes Deal to End Payments to Honeywell

MT Newswires Live08-14

Resideo Technologies (REZI) said Wednesday it completed a deal to end monetary obligations to Honeywell International (HON).

They struck an Indemnification and Reimbursement Agreement in 2018 for Resideo's spin-off from Honeywell, the company said.

Resideo said it paid $1.59 billion to Honeywell for the termination, including ending its annual payments obligation. It added that other agreements, including its long-term license to use the Honeywell Home brand, will remain in effect.

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