Garrett Motion Inc. (Formerly Honeywell International Inc.) Business Report FY ended Dec. 2019

Financial Overview

(in million USD)
  FY ended Dec. 31, 2019 FY ended Dec. 31, 2018 Rate of Change (%) Factors
Net Sales 3,248 3,375 (3.8) 1)
Net Income 313 1,206 (74.0) 2)



1) Net Sales
-The Company’s net sales for the fiscal year ended December 31, 2019 decreased by 3.8% from the previous year to USD 3,248 million. Sales decreased across all of the Company’s operating markets, with light vehicle products decreasing by USD 57 million, commercial vehicles declining by USD 39 million, aftermarket products declining by USD 20 million, and other products decreasing by USD 10 million. Sales of light vehicle products decreased due lower diesel sale volumes in Europe and Asia, partially offset by increased turbocharger penetration in gasoline engines. Sales of commercial vehicle products declined due to decreased sale volumes in Europe and North America. Aftermarket product sales decreased due to lowered sale volumes in Europe.

2) Net Income
-In the fiscal year ended December 31, 2019, the Company’s net income totaled USD 313 million, a decrease of 74.0% from the previous year’s net income of USD 1,206 million. The reason for the decrease is that net income in 2018 included a one-time USD 879 million tax benefit from reduced withholding taxes on undistributed earnings and no interest expense related to debt at the time of the Company’s spin-off.


-The Company’s technology can be found on five of the seven nominees for the Car of the Year 2019 award at the Geneva International Motorshow. The Company’s contributions to these models are listed below:

  • Citroen C5 Aircross: 1.2-liter gasoline engine turbocharger, 1.5-liter diesel engine VNT turbocharger
  • Peugeot 508: 1.2-liter gasoline engine turbocharger, 1.5-liter diesel engine VNT turbocharger
  • Ford Focus: 1.5-liter diesel engine VNT turbocharger
  • Kia Ceed: 1.0-liter gasoline engine wastegate turbocharger, 1.6-liter diesel engine VNT turbocharger
  • Mercedes-Benz A-Class: 1.3-liter gasoline engine wastegate turbocharger, 2.0-liter diesel engine VNT turbocharger

(From a press release on March 1, 2019)


-The Company received the Cost Improvement for 9.8L Heavy Duty Trucks from Isuzu for its third-generation GT35V turbocharger. The turbo enabled cost reductions as it could be used across differently sized engines, while also featuring reduced weight and size. (From a press release on July 15, 2019)


-The Company’s net sales for the fiscal year ending December 31, 2020 are expected to decrease from 1% to 4% at constant currency.

R&D Expenditure

(in million USD)
  FY ended Dec. 31, 2019 FY ended Dec. 31, 2018 FY ended Dec. 31, 2017
Overall 129 128 119


R&D Structure

-As of December 31, 2019, the Company has approximately 1,200 engineers working in research and development.

R&D Facilities

-As of December 31, 2019, the Company has five research and development centers, with two in North America, one in the EMEA region and two in the South Asia and Asia-Pacific region.

Product Development

Electric turbocharger
-The Company confirmed development of the world's first "E-Turbo" for mass market passenger vehicles expected to launch in 2021. The E-Turbo adds a small electric motor on the shaft between the two wheels. The electric motor can spool up the turbo to provide boost immediately off idle, effectively eliminating turbo lag. Electrifying the turbocharger also removes the design constraints prioritizing turbine efficiency at low engine speeds to drive the compressor. E-Turbo can electrically recuperate spent exhaust energy by using a small electric motor to generate electricity and recharge the hybrid battery. New software helps E-Turbo systems by integrating boost control algorithms in existing Engine Control Modules (ECMs).  It also employs prognostic and smart diagnostic functionality to monitor the health status of the entire air loop within the vehicle as OEMs focus on all aspects of powertrain design to meet increasingly stringent environmental standards. (From a press release on October 17, 2019)

Technologies showcased at IAA 2019

-The Company announced that it will publicly debut its electrified turbocharger (E-Turbo) at IAA 2019 in Frankfurt, Germany. The E-Turbo is designed to improve the performance and fuel economy of hybrid powertrains in conjunction with gasoline or diesel engine, using a small electric motor on the shaft. Other systems shown by the Company at IAA 2019 include the following:

  • Gasoline variable nozzle turbine turbocharger
  • TwoStage electric compressor for hydrogen fuel cells
  • Third-generation twin scroll turbo
  • Turbocharger with a sheet metal turbine housing
  • Ball bearing variable nozzle turbine turbocharger for diesel engines
  • Connected vehicle software for integrated vehicle health maintenance.

(From a press release on September 9, 2019)

Technologies showcased at 2019 International Vienna Motor Symposium
-The Company showcased a variety of technologies at the 2019 International Vienna Motor Symposium, including a test drive of a developing electrical turbocharger working in conjunction with a 2.0-liter gas engine. The Company’s systems shown at Vienna include the following:

  • Variable nozzle turbine (VNT) turbocharger for gasoline engines
  • GTD22 VNT turbocharger with ball bearing technology for diesel engines
  • TwoStage serial turbochargers with sheet metal turbine housing
  • Double axle VNT turbochargers
  • TwoStage electric compressor for fuel cells

(From a press release on May 16, 2019)

Turbocharger boost control software
-The Company has developed new turbocharger boost control software which enhances the performance and health of the system while also optimizing energy management in hybrid vehicles. It system incorporates a modular software control for the boosting system and is easy to integrate in existing ECUs. (From a press release on September 9, 2019)


-As of December 31, 2019, the Company has approximately 1,400 patents and patents pending.

Capital Expenditures

(in million USD)
  FY ended Dec. 31, 2019 FY ended Dec. 31, 2018 FY ended Dec. 31, 2017
Overall 102 95 103

-The Company’s capital expenditure is dedicated to maintain efficiency in its production, expand capacity in order to meet demand, and implement product and process redesigns. It expects to continue investments in the future to expand and modernize its existing locations and increase production capacity when needed.