Garrett Motion Inc. (Exact Name of Registrant As Specified in Its Charter)

Total Page:16

File Type:pdf, Size:1020Kb

Garrett Motion Inc. (Exact Name of Registrant As Specified in Its Charter) As filed with the Securities and Exchange Commission on September 5, 2018. File No. 001-38636 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to Form 10 GENERAL FORM FOR REGISTRATION OF SECURITIES PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 Garrett Motion Inc. (Exact name of registrant as specified in its charter) Delaware 82-4873189 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification Number) La Pièce 16, Rolle, Switzerland 1180 (Address of Principal Executive Offices) (Zip Code) Registrant’s telephone number, including area code: +41 21 695 30 00 Securities to be registered pursuant to Section 12(b) of the Act: Name of Each Exchange on Title of Each Class to be so Registered Which Each Class is to be Registered Common Stock, par value $0.001 per share New York Stock Exchange Securities to be registered pursuant to Section 12(g) of the Act: None. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ‘ Accelerated filer ‘ Non-accelerated filer È (Do not check if a smaller reporting company) Smaller reporting company ‘ Emerging growth company ‘ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ‘ Garrett Motion Inc. Information Required in Registration Statement Cross-Reference Sheet between the Information Statement and Items of Form 10 This Registration Statement on Form 10 incorporates by reference information contained in our Information Statement, which is Exhibit 99.1 to this Registration Statement on Form 10. Item No. Name of Item Location in Information Statement 1. Business See “Information Statement Summary,” “Business,” “The Spin-Off,” “Capitalization,” “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Where You Can Find More Information” 1A. Risk Factors See “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” 2. Financial Information See “Capitalization,” “Selected Historical Combined Financial Data,” “Unaudited Pro Forma Combined Financial Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” 3. Properties See “Business—Properties” 4. Security Ownership of Certain Beneficial Owners and See “Security Ownership of Certain Beneficial Owners Management and Management” 5. Directors and Executive Officers See “Management” 6. Executive Compensation See “Management” and “Compensation Discussion and Analysis” 7. Certain Relationships and Related Transactions, and See “Risk Factors,” “Management” and “Certain Director Independence Relationships and Related Party Transactions” 8. Legal Proceedings See “Business—Legal Proceedings” 9. Market Price of and Dividends on the Registrant’s See “The Spin-Off,” “Dividend Policy,” “Security Common Equity and Related Shareholder Matters Ownership of Certain Beneficial Owners and Management” and “Description of Our Capital Stock” 10. Recent Sales of Unregistered Securities See “Description of Our Capital Stock” 11. Description of Registrant’s Securities to be Registered See “Description of Our Capital Stock” 12. Indemnification of Directors and Officers See “Description of Our Capital Stock” and “Certain Relationships and Related Party Transactions— Agreements with Honeywell—Separation and Distribution Agreement” 13. Financial Statements and Supplementary Data See “Selected Historical Combined Financial Data,” “Unaudited Pro Forma Combined Financial Statements” and “Index to Combined Financial Statements” and the financial statements referenced therein 14. Changes in and Disagreements with Accountants on None Accounting and Financial Disclosure 15. Financial Statements and Exhibits (a) Combined Financial Statements See “Index to Combined Financial Statements,” “Unaudited Pro Forma Combined Financial Statements” and the financial statements referenced therein (b) Exhibits See the Exhibit Index of this Registration Statement on Form 10 EXHIBIT INDEX Exhibit Number Exhibit Description 2.1 Form of Separation and Distribution Agreement between Honeywell International Inc. and the registrant+** 2.2 Form of Transition Services Agreement between Honeywell International Inc. and Garrett Transportation I Inc.+** 2.3 Form of Tax Matters Agreement between Honeywell International Inc. and the registrant+** 2.4 Form of Employee Matters Agreement between Honeywell International Inc. and the registrant+** 2.5 Form of Intellectual Property Agreement between Honeywell International Inc. and the registrant+** 2.6 Form of Trademark License Agreement between Honeywell International Inc. and the registrant+** 2.7 Form of Indemnification and Reimbursement Agreement by and among Honeywell ASASCO, Inc., Honeywell ASASCO 2, Inc., and Honeywell International Inc.** 3.1 Form of Amended and Restated Certificate of Incorporation of the registrant+ 3.2 Form of Amended and Restated By-Laws of the registrant+ 10.1 Offer Letter for Olivier Rabiller, dated May 2, 2018+ 10.2 Employment Contract for Alessandro Gili, dated May 2, 2018+ 10.3 Offer Letter of Daniel Deiro, dated June 1, 2018+ 10.4 Offer Letter of Thierry Mabru, dated June 1, 2018+ 10.5 Offer Letter of Craig Balis, dated June 1, 2018+ 21.1 List of subsidiaries of the registrant+ 99.1 Preliminary Information Statement 99.2 Pertinent pages from Honeywell International Inc.’s Proxy Statement, dated March 8, 2018, filed pursuant to Rule 14a-6 of the Securities Exchange Act of 1934+ 99.3 Pertinent pages from the Annual Report of Honeywell International Inc. on Form 10-K for the fiscal year ended December 31, 2017, filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934+ + Previously filed. ** Certain schedules and similar attachments have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The registrant hereby undertakes to furnish copies of any of the omitted schedules and similar attachments upon request by the U.S. Securities and Exchange Commission. SIGNATURE Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused its Registration Statement on Form 10 to be signed on its behalf by the undersigned, thereunto duly authorized. GARRETT MOTION INC. By: /s/ Su Ping Lu Name: Su Ping Lu Title: President DATED: September 5, 2018 Exhibit 99.1 , 2018 Dear Honeywell Shareowner: On October 10, 2017, we announced our intention to spin our Transportation Systems automotive business. I am pleased to confirm that we expect to distribute to you shares in the new company, Garrett Motion Inc., at the end of the third quarter. Garrett will be listed on the New York Stock Exchange under the ticker symbol GTX. I continue to be extraordinarily excited about the future of this business under the leadership of a strong executive team and with the support of a very capable and diverse board of directors. Transportation Systems has built an outstanding track record of operational excellence as part of Honeywell, and I am confident this will continue once Garrett becomes an independent, public company. Garrett’s starting point will be decades of expertise as a market leader in developing new technologies for the global automotive turbocharger industry, which is constantly evolving. Emerging global opportunities in e-boosting, e-turbos, integrated vehicle health management, and cyber security will be a driving force for the future across all powertrain platforms, including hybrids and hydrogen fuel cells. As an independent company, Garrett will be uniquely positioned to address these challenges with a dedicated team and capital investment strategy that will drive growth in new vectors like electrification and connected vehicle technologies. I encourage you to read the attached information statement about Garrett, as well as the supplemental information on Honeywell’s investor relations website. The information statement describes the spin in detail and contains important business and financial information. Once the spin is effective, each Honeywell shareowner will receive shares of Garrett Motion Inc. based on the number of shares of Honeywell common stock such shareowner holds as of the record date. Today’s announcement reflects our continued commitment to generate shareowner value as we become the premier software-industrial company. I am confident that Garrett will be successful following its separation from Honeywell, and look forward to the bright futures of both companies. Sincerely, Darius Adamczyk Chairman and CEO Honeywell , 2018 To Our Future Garrett Shareowners: Welcome to Garrett, a global leader in the rapidly growing and dynamic turbocharger industry. As President and CEO of the new company, I would like to personally share with you that the entire team is excited to launch our company in the coming days, and we look forward to delivering long-term value for our future shareholders. Garrett is a company that anticipates, innovates and enables solutions to address the challenges of advancing motion in the automotive industry across all powertrain
Recommended publications
  • Garrett Motion Inc. (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38636 Garrett Motion Inc. (Exact name of registrant as specified in its charter) Delaware 82-4873189 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) La Pièce 16, Rolle, Switzerland 1180 (Address of Principal Executive Offices) (Zip Code) +41 21 695 30 00 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered None None None Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 par value per share Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • Portfolio of Securities Owned December 31, 2018
    Portfolio of Securities Owned December 31, 2018 Cincinnati Financial Corporation The Cincinnati Insurance Company The Cincinnati Life Insurance Company The Cincinnati Casualty Company The Cincinnati Indemnity Company The Cincinnati Specialty Underwriters Insurance Company The CSU Producer Resources Insurance Company CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES No. of Book Fair Common Stocks Shares Value Value 3M ORD 750,800.00 51,665,549.20 143,057,432.00 ABBOTT LABORATORIES ORD 1,422,200.00 36,092,193.25 102,867,726.00 ABBVIE ORD 1,746,200.00 57,410,159.54 160,982,178.00 ACCENTURE CL A ORD 1,079,165.00 88,271,705.85 152,173,056.65 AIR PRODUCTS AND CHEMICALS ORD 617,942.00 97,253,702.17 98,901,617.10 AMERICAN TOWER REIT 288,919.00 40,301,870.56 45,704,096.61 ANALOG DEVICES ORD 990,639.00 81,436,451.86 85,026,545.37 APPLE ORD 1,400,000.00 88,037,413.47 220,836,000.00 AT&T ORD 1,342,200.00 37,988,637.30 38,306,388.00 AUTOMATIC DATA PROCESSING ORD 363,900.00 14,819,961.36 47,714,568.00 BLACKROCK ORD 447,075.00 74,553,266.79 175,620,001.50 BROADCOM ORD 467,500.00 120,805,456.78 118,875,900.00 CHEVRON ORD 915,000.00 30,694,744.70 99,542,850.00 CHUBB ORD 664,326.00 74,511,641.41 85,817,632.68 CISCO SYSTEMS ORD 3,710,500.00 63,020,691.06 160,775,965.00 CME GROUP CL A ORD 1,004,900.00 55,313,140.23 189,041,788.00 CUMMINS ORD 690,500.00 65,417,570.09 92,278,420.00 DOVER ORD 1,284,580.00 27,798,702.30 91,140,951.00 DUKE ENERGY ORD 899,900.00 37,426,311.92 77,661,370.00 ENBRIDGE ORD 2,915,235.00 116,392,693.62 90,605,503.80 EXXON MOBIL ORD
    [Show full text]
  • Dividend-Rich Stocks Trail Market Despite High Yields
    P2JW300000-5-A00100-1--------NS ADVERTISEMENT Ready foratailor-made trading experience? Turn to page R16tolearn more aboutthinkorswim®. ***** MONDAY,OCTOBER 26,2020~VOL. CCLXXVI NO.99 WSJ.com HHHH $4.00 Last week: DJIA 28335.57 g 270.74 0.9% NASDAQ 11548.28 g 1.1% STOXX 600 362.50 g 1.4% 10-YR. TREASURY g 29/32 , yield 0.840% OIL $39.85 g $1.27 EURO $1.1862 YEN 104.73 Long Lines Greet Voters as Early Voting Opens in New York Second What’s News Wave of Business&Finance Covid-19 ompanies in the S&P Batters C 500 with at least aquar- ter-centuryrecordofpaying out and increasing dividends Europe have trailed the broader stock market this year. A1 Trump’strade war against Governments fighting China didn’t achievethe cen- resurgence tighten tral objectiveofreversing a U.S. decline in manufactur- curbs, hoping to avoid ing,economic datashow. A1 full-blown lockdowns The death of Lee Kun- heehands his son the reins Europe’ssecond wave of the at Samsung at atime when coronavirus pandemic is accel- the firm is on the defensive erating,prompting countries to and struggling to evolve. A1 REUTERS impose ever-moresocial-dis- Y/ Canadian oil-sands pro- KELL ducer Cenovus and Husky By Marcus Walker agreed to merge in a deal in Rome and Noemie valued at $2.89 billion, the ANDREW Bisserbe in Paris COUNTDOWN: Voters in the Bronx, like many others across New York, waited in long lines for hours to cast their ballots Sunday, the latest in a string of global second day of early voting in the state, A10A.
    [Show full text]
  • PERFORMANCE CATALOG VOL 8 Turbochargers | Intercoolers | Accessories TABLE of CONTENTS OUR HISTORY
    PERFORMANCE CATALOG VOL 8 Turbochargers | Intercoolers | Accessories TABLE OF CONTENTS OUR HISTORY The heritage of our turbo business began in 1936 when young Cliff Garrett formed his company in a tiny, one-room office in Los Angeles. Cliff founded the company that would later become the Garrett Corporation. Number of employees, 1. Number of customers, 1. In the WHY CHOOSE GARRETT 04 1950s, it successfully added boosting a Caterpillar C9 tractor signaling the birth of automotive turbocharging. 07 HOW TO READ A COMPRESSOR MAP Through names such as AiResearch, AlliedSignal, Honeywell Transportation Systems, and 09 TROUBLESHOOTING now Garrett Advancing Motion, the business has sustained a reputation for revolutionizing turbocharger technologies generation after generation. From the world’s first turbocharged production car – the Oldsmobile Jetfire Rocket - to the first Garrett turbocharged car to win 10 G SERIES TURBOCHARGERS the Indianapolis 500, Garrett's industry-leading technology and patented designs are used daily for both OE and aftermarket vehicle applications. 26 GTX SERIES TURBOCHARGERS Garrett turbocharger technology is the preferred choice for leading original equipment manufacturers including: Audi, BMW, GM, Daimler Chrysler, Mercedes, DDC, Fiat, Ford, 46 GTW SERIES TURBOCHARGERS International Truck Co, Peugeot, Renault, Saab, and Volkswagen. Top race teams in Formula 1, World Rally, American Le Mans, 24 Hours of Le Mans, Formula Drift, Global Time Attack, NHRA, Radial vs the World Drag Racing, X275, and Pikes Peak Hill Climb rely on Garrett turbo 52 GT SERIES TURBOCHARGERS technology to keep them on the podium. ACCESSORIES Today, our Garrett legacy in both Aerospace and automotive industries helps create some of 64 the most innovative and high-performing turbochargers in the world that can enable a four cylinder turbocharged engine to perform like a non-turbocharged V6 engine while providing 66 VEHICLE SPECIFIC TURBOCHARGERS 20-40% greater fuel efficiency.
    [Show full text]
  • Company Overview Valuation Data Source
    Valuation Data Source company overview No. Company No. Company No. Company "Bank "Saint-Petersburg" Public 60 AbClon Inc. 117 Activision Blizzard, Inc. 1 Joint-Stock Company Abdullah Al-Othaim Markets 118 Actron Technology Corporation 61 2 1&1 Drillisch AG Company 119 Actuant Corporation 3 1-800-FLOWERS.COM, Inc. Abdulmohsen Al-Hokair Group for 120 Acuity Brands, Inc. 62 4 11 bit studios S.A. Tourism and Development Company 121 Acushnet Holdings Corp. 5 1st Constitution Bancorp 63 Abengoa, S.A. 122 Ad-Sol Nissin Corporation 6 1st Source Corporation 64 Abeona Therapeutics Inc. 123 Adairs Limited 7 21Vianet Group, Inc. 65 Abercrombie & Fitch Co. 124 ADAMA Ltd. 8 22nd Century Group, Inc. 66 Ability Enterprise Co., Ltd. 125 Adamas Pharmaceuticals, Inc. Ability Opto-Electronics Technology 126 Adamis Pharmaceuticals Corporation 9 2U, Inc. 67 Co.,Ltd. 127 Adani Enterprises Limited 10 3-D Matrix, Ltd. 68 Abiomed, Inc. 128 Adani Gas Limited 11 361 Degrees International Limited 69 ABIST Co.,Ltd. 129 Adani Green Energy Limited 12 3D Systems Corporation 70 ABL Bio Inc. Adani Ports and Special Economic 13 3i Group plc 130 71 Able C&C Co., Ltd. Zone Limited 14 3M Company 131 Adani Power Limited 72 ABM Industries Incorporated 15 3M India Limited 132 Adani Transmissions Limited 73 ABN AMRO Bank N.V. 16 3S KOREA Co., Ltd. 133 Adaptimmune Therapeutics plc 74 Aboitiz Equity Ventures, Inc. 17 3SBio Inc. 134 Adastria Co., Ltd. 75 Aboitiz Power Corporation 18 500.com Limited 135 ADATA Technology Co., Ltd. 76 Abraxas Petroleum Corporation 19 51 Credit Card Inc.
    [Show full text]
  • The Gabelli Asset Fund Annual Report — December 31, 2018 (Y)Our Portfolio Management Team
    The Gabelli Asset Fund Annual Report — December 31, 2018 (Y)our Portfolio Management Team Mario J. Gabelli, CFA Christopher J. Marangi Kevin V. Dreyer Jeffrey J. Jonas, CFA Chief Investment Officer Co-Chief Investment Officer Co-Chief Investment Officer Portfolio Manager BA, Williams College BSE, University of BS, Boston College MBA, Columbia Pennsylvania Business School MBA, Columbia To Our Shareholders, Business School For the year ended December 31, 2018, the net asset value (NAV) per class AAA Share of The Gabelli Asset Fund decreased 7.7% compared with a decrease of 4.4% for the Standard & Poor’s (S&P) 500 Index. Other classes of shares are available. See page 3 for the performance information for all classes. Enclosed are the financial statements, including the schedule of investments, as of December 31, 2018. Performance Discussion (Unaudited) The Fund’s investment objective is to provide growth of capital. The Fund’s secondary goal is to provide current income. The Fund’s investment strategy is to primarily invest in common and preferred stocks. The Fund focuses on companies which appear underpriced relative to their private market value (PMV). PMV is the value the Fund’s investment adviser, Gabelli Funds, LLC, believes informed investors would be willing to pay for a company. Under normal market conditions, the Fund invests at least 80% of its assets in stocks that are listed on a recognized securities exchange or similar market. The portfolio managers will invest in companies that, in the public market, are selling at a significant discount to the portfolio managers’ assessment of their PMV.
    [Show full text]
  • Garrett Motion Inc. (Exact Name of Registrant As Specified in Its Charter)
    ffff UNITED STATES SECURITIES AND EXCHANGE COMMISSION washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38636 Garrett Motion Inc. (Exact name of registrant as specified in its charter) Delaware 82-4873189 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) La Pièce 16, Rolle, Switzerland 1180 (Address of Principal Executive Offices) (Zip Code) +41 21 695 30 00 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.001 par value per share GTX New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒ No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • 2019 Annual Report
    2019 ANNUAL REPORT Garrett Motion is a differentiated technology leader, serving customers worldwide for more than 65 years with passenger vehicle, commercial vehicle, aftermarket replacement, and performance enhancement solutions. The company empowers the global automotive industry by enabling vehicles to become safer, more connected, efficient and environmentally friendly. Garrett has distinguished itself as an industry leader with an intense focus on three strategic priorities: CUTTING-EDGE TECHNOLOGY PROVIDER Garrett’s broad and highly engineered portfolio enables the company to benefit from stringent global fuel economy and emissions standards in addition to the growth in the electrification of powertrains & adoption of connected vehicle technologies. GLOBAL OPERATIONAL EXCELLENCE Garrett has a proven track record of operational excellence with an advanced supply base and world-class footprint comprised of 13 manufacturing plants, 14 close-to-customer engineering facilities, five R&D centers, and three software development hubs. LONG-STANDING CUSTOMER PARTNERSHIPS Since the company was founded over 65 years ago, Garrett has developed strong and collaborative relationships with top automakers worldwide to help solve critical issues and shape the future of automotive powertrain development. 2019 ANNUAL REPORT 1 Dear Fellow We also advanced our electrification capabilities in alignment with our strategy to bring differentiated technologies to the marketplace that address the needs of an evolving industry. It is estimated the Stockholders, global production of electrified vehicles is expected to increase at an annual rate of more than 40% by 2023. We intend to capitalize In 2019, Garrett Motion completed its first full year operating as an on this favorable trend with our proprietary E-Turbo, which is in the independent public company, delivering positive financial results final stages of industrialization for an initial mass-market launch amid a challenging market environment.
    [Show full text]
  • PERFORMANCE CATALOG VOL 8 Turbochargers | Intercoolers | Accessories TABLE of CONTENTS
    PERFORMANCE CATALOG VOL 8 Turbochargers | Intercoolers | Accessories TABLE OF CONTENTS 04 WHY CHOOSE GARRETT 07 HOW TO READ A COMPRESSOR MAP 09 TROUBLESHOOTING 10 G SERIES TURBOCHARGERS 22 GTX SERIES TURBOCHARGERS 42 GTW SERIES TURBOCHARGERS 48 GT SERIES TURBOCHARGERS 60 ACCESSORIES 62 VEHICLE SPECIFIC TURBOCHARGERS 72 PERFORMANCE INTERCOOLERS 79 CONFIGURATION GUIDE 80 TURBO INDEX 2 OUR HISTORY The heritage of our turbo business began in 1936 when young Cliff Garrett formed his company in a tiny, one-room office in Los Angeles. Cliff founded the company that would later become the Garrett Corporation. Number of employees, 1. Number of customers, 1. In the 1950s, it successfully added boosting a Caterpillar C9 tractor signaling the birth of automotive turbocharging. Through names such as AiResearch, AlliedSignal, Honeywell Transportation Systems, and now Garrett Advancing Motion, the business has sustained a reputation for revolutionizing turbocharger technologies generation after generation. From the world’s first turbocharged production car – the Oldsmobile Jetfire Rocket - to the first Garrett turbocharged car to win the Indianapolis 500, Garrett's industry-leading technology and patented designs are used daily for both OE and aftermarket vehicle applications. Garrett turbocharger technology is the preferred choice for leading original equipment manufacturers including: Audi, BMW, GM, Daimler Chrysler, Mercedes, DDC, Fiat, Ford, International Truck Co, Peugeot, Renault, Saab, and Volkswagen. Top race teams in Formula 1, World Rally, American Le Mans, 24 Hours of Le Mans, Formula Drift, Global Time Attack, NHRA, Radial vs the World Drag Racing, X275, and Pikes Peak Hill Climb rely on Garrett turbo technology to keep them on the podium.
    [Show full text]
  • GARRETT INVESTOR CONFERENCE – NYSE: GTX New York City Disclosure
    Sept 6, 2018 | GARRETT INVESTOR CONFERENCE – NYSE: GTX New York City Disclosure ADDITIONAL INFORMATION For additional information with respect to Garrett and the proposed spin-off, please refer to the Form 10 Registration Statement, as it may be further amended, on file with the Securities and Exchange Commission. The spin-off is subject to customary conditions, including final approval by Honeywell’s board of directors. The financial information included in this document may not necessarily reflect Garrett’s financial position, results of oper ations, and cash flows in the future or what Garrett’s financial position, results of operations, and cash flows would have been had Garrett been an independent, pub licly traded company during the periods presented. This communication shall not constitute an offer of any securities for sale, nor shall there be any offer, sale or distribution of securities in any jurisdiction in which such offer, sale or distribution would be unlawful prior to appropriate registration or qualification u nder the securities laws of such jurisdiction. FORWARD LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believ e or anticipate will or may occur in the future are forward looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results or performance of the company t o be materially different from any future results or performance expressed or implied by such forward-looking statements.
    [Show full text]
  • When Spin-Offs Fail Aka “Honeywell's Error”
    When Spin-Offs Fail aka “Honeywell’s Error” J. Mark Hemmann, FINANCIAL ASSET RECOVERY ANALYTICS, LLC (“FARA Recovery”) Divestments were all the rage in 2019, and prior to the coronavirus-induced market dislocation, they seemed to continue apace with the prior year’s expectations. According to E&Y, 84% of companies surveyed by them planned a divestment within the two years subsequent to their most recent survey in 2019.1 There are many reasons why such spin-offs could occur – streamlining operations, focusing on a core business or its internal change, financial distress of a parent or an acquisition target, macro-economic and/or geo-political changes, among others. Fundamentally, any one reason is sufficient for a divestment, but having multiple reasons for such a divestment may also mask significant concerns in the underlying division or company being divested. This was no truer than was the case with Honeywell and its divestment of its contingent liability-weighted subsidiary, Garrett Motion. Honeywell’s (and Garrett’s) recently contentious relationship and problems stem from the legacy of asbestos and its impact on workers, as well as the financial well-being of the companies which used or produced products with asbestos. Honeywell assumed thousands of asbestos liabilities after merging with Allied Signal in 1999. Allied Corporation, later named AlliedSignal, bought Honeywell and shed the Allied Signal name and retained ‘Honeywell’ for its corporate identity. Bendix and Garrett, two of the more well-known names in the Allied Signal portfolio, became Honeywell brands with Bendix’s brake shoes, pads and other parts becoming part of the new Honeywell along with Garrett’s turbochargers.
    [Show full text]
  • Case 1:20-Cv-07992-JPC Document 43 Filed 07/22/21 Page 1 of 109
    Case 1:20-cv-07992-JPC Document 43 Filed 07/22/21 Page 1 of 109 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE GARRETT MOTION INC. Case No. 1:20-cv-07992-JPC SECURITIES LITIGATION CLASS ACTION JURY TRIAL DEMANDED SECOND CONSOLIDATED AMENDED COMPLAINT FOR VIOLATIONS OF THE FEDERAL SECURITIES LAWS Case 1:20-cv-07992-JPC Document 43 Filed 07/22/21 Page 2 of 109 TABLE OF CONTENTS I. INTRODUCTION .............................................................................................................. 2 II. JURISDICTION AND VENUE ......................................................................................... 9 III. PARTIES .......................................................................................................................... 10 A. Plaintiffs ................................................................................................................ 10 B. Defendant Garrett.................................................................................................. 11 C. The Director and Officer Defendants ................................................................... 12 D. Defendant Su Ping Lu ........................................................................................... 14 IV. SUBSTANTIVE ALLEGATIONS .................................................................................. 15 A. Honeywell Faces Billions of Dollars in Legacy Asbestos Liability ..................... 15 B. Honeywell Devises a Plan to Spin-Off Underperforming Assets and Legacy Asbestos Liabilities
    [Show full text]