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Honeywell will soon be an official Charlotte-based company. Here’s what that means.

More than seven months after Fortune 100 technology company Honeywell announced it would relocate to Charlotte, the company says it will soon be an official Charlotte-based company — with 250 employees in the city.

The tech giant, which announced its headquarters relocation from New Jersey in November 2018, will be officially registered as a Charlotte-based company starting Aug. 1.

“It is an exciting time to be a part of the Honeywell team as we continue to transform our business into a premier technology company with Charlotte as our home base,” CEO Darius Adamczyk said on the earnings call Thursday.

The company announced a net income of $1.556 billion in the three month period that ended Jun 30, and a net income of $2.992 billion in the past six months.

Honeywell moved into the Barings building uptown at 300 S. Tryon St. July 1.

Dan Kirschner, vice president of global real estate at Honeywell, said the company takes up one floor of the building, and a second floor is being upfit for the company. They expect to have 250 people in Charlotte when that floor is done in mid-August.

Honeywell will be in the temporary office space for two years, Kirschner said.

The company announced plans in June to move into office space in a 23-story tower that Charlotte-based developer Lincoln Harris will build in uptown along Interstate 277. The building is part of the Legacy Union development that includes the Bank of America Tower.

Kirschner said the Legacy Union building will be integrated with Honeywell technology, to make the office space part of a “smart office building.”

“It really is going to be a special showcase for Honeywell’s technologies,” he said.

The Aug. 1 designation as a Charlotte-based company is a symbolic milestone, company spokesman Nati Katz said. The company will register with the U.S. Securities and Exchange Commission, and other legal entities.

The company’s products range from airplane cockpit systems to oil refineries to security systems for hospitals.

Honeywell announced Thursday that reported sales are down 15%, primarily due to the spin-off of several businesses, but organic sales, or revenue from within the company’s unchanged internal assets, are up 5%.

Honeywell announced earnings per share of $2.10.

The Observer reported in November 2018 that Honeywell planned to move 150 to 200 corporate employees to Charlotte by September 2019. The company also employs about 300 people in Fort Mill, and will move 100 of those South Carolina jobs to Charlotte.

The company plans to hire 500 more employees in Charlotte over the next five years.

Honeywell received more than $87 million in incentives by the state, city and county in exchange for relocating and bring jobs to Mecklenburg County.

State legislators told The Charlotte Observer in November that the median wage for the new Honeywell jobs will be about $85,000.


Correction

An earlier version of this story overstated the number of employees Honeywell will have in Charlotte next month. The company will have 250 people in the city.
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Hannah Smoot covers business in Charlotte, focusing on aviation and health care. She previously covered money and power at The Rock Hill Herald in South Carolina. She is a lifelong North Carolinian and graduate of the University of North Carolina at Chapel Hill.
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