Why has no one been holding Honeywell executives responsible for creating two spinoffs that are failing because they were under-capitalized with junk rated debt and ginormous Honeywell liabilities. Neither spinoff has been making payments to Honeywell. Garrett announced that they are “exploring alternatives for its balance sheet” (i.e. bankruptcy). DA and his team literately destroyed these businesses by loading them up with debt so he could cook Honeywell’s books with their debt payments.
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More lay-off coming.... the Austin software crew have made lists and they are cleaning up -again...
Directors that were promoted for slack-ING are still there the worker are basically getting screwed. Get those slack-era out of rezi. They are laughing about the new CTO and call him Dada muuurk behind his back
Wow. That's a lot of votes. Must have been another productive day in Melville.
Melville is that you?
This company still takes in over a billion dollars a quarter, and there are a lot of people that work hard to make that happen. Don't blame them. The problem is that we waste a lot of money on things/people with no ROI. Eliminating that waste will keep this company going for a long time.
The best thing that could happen for Resideo is filing bankruptcy and let a real management company buy it, come in and cut the company up into whatever pieces they can and sell it off for whatever they can get for it. Maybe if we are lucky our parts of the business ends up with a better company/employer. Face it, Resideo is dead as is and each and every one of us is responsible for the mess that we all made by not really working hard enough.
Why do we still have people in rezi that overtly lie, consume large amount of money (graft?) and promote each other while messing with others? What are all those people that would never have been above supervisor level at Circuit City or Best Buy, and are now directors through suction power???
What.... but wait..... mike the stain has a second nickname, mike Dyson 360 extreme ... I still remember mike being at the top of the users of Slack! What an achievement! Was he wearing flip flops like his guru the flashlight? All while teams go down and get lay-off.
Mike the stain is that you?
Well, we have the lyric round made by Hon.
I noticed that there is a blue ligth when the temperature goes down. We should sell it as a UVC d'évidé to sanitize the house. It could be a sass
We are BS masters so we can do it and succeed !!!
As flashlight and M the stain are saying all is ok, we have perfect performance the only issue is Honeywell... looks like they want to get an MBA (master of BS Administration$
We have enough to worry about layoffs ... should can the people that are BS masters
@fjay, I'm not sure why you feel the need to spread fear and false information. The numbers are not terrible. They are definitely not where we would like them to be and there is no question that we need to get new products into the market and regain a leadership position, but please don't make up stories. The public will know when the Q3 numbers are released and there is no doubt that they will be made to look as good as legally possible, so we will all have to wait to see exactly what the real numbers are. I believe that they will be respectable.
Garett filed for bankruptcy. See what happens with REZI
https://investors.garrettmotion.com/press-releases/news-details/2020/Garrett-Motion-Enters-Into-Definitive-Transaction-Agreement-and-Initiates-Voluntary-Reorganization-in-Chapter-11-to-Remedy-Capital-Structure-and-Support-Growth/default.aspx
We will be filing for bankruptcy soon as we cant pay our debts to Honeywell and others.
its the typical path. Garett first stop paying Hon, but the Hon debt wasn't the problem. They just could not deliver anything real. We are exactly following the same path. to a T.
Numbers are Cr@p1esst they have ever been. Sales still crashing and customers still fleeing. No new products, cant get cloud environments to scale or even stay up. no innovation. Security now clearly in same boat as comfort which is a disaster. I'm sure numbers will be moved around and will try and yet again make them look better than reality. Cuts to continue and resume including people. Do the needful and fire everyone from top down to manager level and all our engineers and marketing.
Anyone know how q3 is looking? I know we still owe the 40M to HON for q1 and we've fully drawn our credit.
Garrett bankruptcy announced. Resideo next
You're all correct.
The fact that marketing despite changes at the top of the sites hasn't done much is a clear signal that we are in trouble . The engineering can't get much done either.
The obsession with HON fess is a distraction." And doesn't explain why we can't get a product out or make acquisition that are not technically sound or even marketing sound.
So until some fundamental changes occur... we will keep spinning and go through lay offs
@sms - I think you are spot on with your comments. DC created a culture where Honeywell was always proactive in managing their portfolio and acquiring businesses and technology that fit the strategic plan and divesting those businesses that didn't. The fact that these businesses have not done well as standalone companies should not surprise anyone and investors that jumped in when they were spun off should have done their due diligence. DA will continue this approach so buyer beware on any future spins.
Some would say it was a very smart move by DC and DA to offload a couple of poorly performing businesses from the HON portfolio. And to do it in a way that maximises the return for HON.
I don't know the mix of Garrett's business, but if they are heavily into passenger and light commercial turbocharging, then the long term outlook can't look good as the world moves towards electric and other propulsion systems.
The Resideo business appears to be a mixed bag. From my limited understanding, the products side has out of date products and seems to be failing to innovate. And the ADI business model has a questionable future as more and more low overhead internet sellers enter their space.
I suspect DC & DA could see the future looked bleak for both spin-offs.
I thought Garrett was suing HON over it's liabilities.