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Honeywell Splits Aerospace, Shares Soar
16 Jun
Summary
- Honeywell approved the spin-off of its aerospace division.
- Shareholders receive one aerospace share for every two held.
- The split creates two distinct businesses: Aerospace and Technologies.
Honeywell has advanced its plan to split into two distinct companies, with its board giving final approval for the spin-off of its aerospace division. This strategic move, announced on Monday, saw Honeywell's shares rise by about 4% in morning trading.
Shareholders who owned stock as of June 15 are set to receive one share of the newly independent Honeywell Aerospace for every two shares of Honeywell they possess. The official distribution is slated for June 29 at 12:01 a.m. New York time, with the aerospace company commencing regular trading under the ticker HONA on the same day.
This separation is designed to simplify Honeywell into two more understandable business units. Honeywell Aerospace will target commercial aviation, defense, and space markets. The remaining entity will be rebranded as Honeywell Technologies and retain the HON ticker, sharpening its focus on automation, industrial software, and related technological areas.
