Nonprofits in the Phillips neighborhood of Minneapolis already are feeling the loss of Honeywell International Inc., following the announcement of the company’s second merger in less than two years, The Business Journal of the Twin Cities reported Oct. 27.
Honeywell’s involvement throughout the Twin Cities has diminished following its merger with AlliedSignal Inc. and the move of its Minneapolis headquarters to New Jersey last year.
Phillips community groups fear the newest merger with General Electric Company will further reduce Honeywell’s commitment to their neighborhood.
While Honeywell’s financial contributions have remained level with those it made in 1999, the company’s involvement in community partnerships have dropped from six to three, said David Jennings, president of the Greater Minneapolis Chamber of Commerce.
Currently, 30 Honeywell executives serve on the boards of Minnesota nonprofits, down from 40 before the AlliedSignal merger.
Honeywell plans to honor the commitments it made to the Minneapolis community this year, but GE will have a voice in future involvement.
GE focuses on giving and volunteer programs in the communities in which its employees live and work.
GE and Honeywell employ 10,000 people in Minnesota and Northern Wisconsin, but layoffs will be a result of the merger, said GE spokesman Jeff DeMarris.
For full story, go to The Business Journal.