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Garrett Motion
Olivier Rabiller leads Garrett Motion, the publicly listed turbocharger supplier spun from Honeywell in 2018, reporting $3.8B in 2024 sales.
Garrett Motion
Garrett Motion was established in 2018 when Honeywell spun off its transportation systems division into a standalone public company listed on the Nasdaq under the ticker GTX. Led by President and CEO Olivier Rabiller, who previously held senior roles at Honeywell Transportation Systems, the firm's origin lies in decades of automotive engineering heritage dating back to Honeywell's Garrett brand. The company is incorporated in Delaware with its operational headquarters in Rolle, Switzerland, and reports financial results as a US-listed entity. The firm operates as a Tier 1 automotive supplier with a primary focus on forced-induction technologies. The core product line includes turbochargers for gasoline and diesel engines, along with an expanding portfolio of electric-boosting technologies, including e-turbos, electric compressors, and fuel cell air compressors. Its integrated vehicle health management software and connected-vehicle cyber-security solutions represent a growing aftermarket and services segment. In 2024, the firm reported net sales of $3.8 billion (per the firm's 2024 earnings release). Geographic exposure spans the global light-vehicle market, with major manufacturing and engineering footprints in China, India, Mexico, and across Europe. Garrett Motion employs a broad workforce across engineering, manufacturing, and sales, though exact headcount fluctuates with global auto demand cycles. The company emerged from a Chapter 11 restructuring in 2021, which resolved balance-sheet liabilities inherited at the time of the Honeywell spin-off (per Reuters, April 2021). Since restructuring, its post-reorganization equity has been held by former creditors led by Centerbridge Partners and Oaktree Capital Management. The firm continues to invest actively in zero-emission vehicle technologies, including hydrogen fuel cell compressors, to anticipate the electrification shift in the auto industry. Garrett's structural position differs from most industrial firms in that it is a product of a blue-chip corporate carve-out that subsequently passed through a creditor-led restructuring, resulting in ownership by two major credit-oriented asset managers. This hybrid identity — a publicly listed operating company controlled by private investment firms — gives it a distinct governance posture and a mandate centered on cash-flow discipline and technology-led automotive transition, rather than the diversified industrial logic of its former parent.
General information
Firm type
Asset Manager
Year founded
2018
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Rolle
Corporate office
Rolle, Switzerland
Principals
Olivier Rabiller
President and CEO
Sector focus
Frequently asked questions
What is the corporate history of Garrett Motion?
Garrett Motion was created in October 2018 through a spin-off from Honeywell International, where its turbocharger business had operated under the Honeywell Transportation Systems segment. The standalone company listed on the New York Stock Exchange (later Nasdaq) but faced immediate balance-sheet pressure from asbestos indemnity liabilities inherited from Honeywell. In September 2020, Garrett filed for Chapter 11 protection and emerged from restructuring in April 2021 with its equity transferred to former creditors led by Centerbridge Partners and Oaktree Capital Management (per Reuters, April 2021).
How does Garrett Motion generate revenue?
The firm is a pure-play automotive supplier generating revenue primarily from the sale of turbochargers to global automakers and the aftermarket. Its forced-induction products improve engine efficiency and performance for gasoline and diesel vehicles across passenger cars, commercial vehicles, and off-highway equipment. A growing share of revenue comes from zero-emission technologies, including electric compressors for hydrogen fuel cells and e-turbos for hybrid powertrains. In 2024, the firm generated $3.8 billion in net sales (per the firm's 2024 earnings release).
Who currently owns Garrett Motion?
Following its Chapter 11 restructuring in 2021, the company's equity was distributed to pre-petition creditors. Centerbridge Partners and Oaktree Capital Management emerged as the two largest controlling shareholders, holding the majority of the restructured equity through a series of investment funds (per the firm's disclosure filings). While Garrett is publicly listed under the ticker GTX on Nasdaq, these two institutional investors effectively control the board and strategic direction.
How is Garrett Motion positioned for the electric vehicle transition?
Garrett's strategy centers on deploying its turbocharger cash flows into electrification technologies. The firm has developed e-turbos that recover exhaust energy to generate electricity for hybrid powertrains, along with electric air compressors critical to hydrogen fuel cell stacks. In 2024, it reported multiple program awards with global OEMs for these zero-emission technologies, signaling an engineering-led pivot rather than a retreat from internal combustion (per the firm's 2024 annual report).
What are the firm's principal manufacturing and engineering locations?
Garrett operates a global manufacturing and engineering network concentrated in key automotive production regions. Major facilities are located in China (Shanghai and Wuhan), India, Mexico, Romania, Ireland, and Italy, supporting supply to automakers across Asia, Europe, and the Americas. The firm's operational headquarters in Rolle, Switzerland, coordinates a decentralized engineering footprint that allows it to serve global OEM programs locally.
What caused Garrett Motion's Chapter 11 filing in 2020?
Garrett's Chapter 11 filing was triggered not by operational distress but by a legacy asbestos indemnity obligation to Honeywell, which required Garrett to make fixed annual payments regardless of its automotive sales cycle. When the COVID-19 pandemic abruptly reduced global vehicle production in 2020, those fixed liabilities became unsustainable relative to weakened cash flows. The restructuring eliminated the indemnity obligations and recapitalized the balance sheet, allowing the healthy operating business to emerge with reduced leverage (per Reuters, September 2020).
Does Garrett Motion have exposure to defense or aerospace sectors?
No. Unlike its former Honeywell parent, Garrett Motion's current business is exclusively focused on the automotive and commercial vehicle markets. Its predecessor, Honeywell's Garrett brand, had historical ties to aerospace turbochargers, but the spin-off transferred only the transportation-facing assets to the standalone entity. Today, Garrett's product portfolio has no material exposure to defense, aerospace, or industrial gas turbine applications.
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