"This was a complex commercial challenge that required our teams to work as one across the jurisdictions affected."
Partner Commercial CMS Stuttgart
In late 2017, US multinational conglomerate Honeywell announced plans to spin off its homes product portfolio and global distribution business, in addition to its transportation systems business, into two publicly-traded companies.
The move, which completed late 2018, required the subsequent negotiation of several lab services agreements for its homes business across Germany, the Czech Republic and the Netherlands.
CMS Stuttgart partner Gerald Gräfe said, “During the spin-off phase different sides of the business still required access to certain laboratories, equipment and facilities. We needed to draft transitional service agreements to cover each side operationally while the buildings were being split up as part of the spin-off.”
He added, “This was a complex commercial challenge that required our teams to work as one across the jurisdictions affected.”
The smart home market, of which Honeywell is a leading player, was valued at USD 76.62bn in 2018 and is expected to reach USD 151.18bn by 2024.