Honeywell To Spin Off Advanced Materials Business - Quick Facts

(RTTNews) - Honeywell (HON) announced a plan to spin off its Advanced Materials business into a U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026. Honeywell plans to execute the planned spin in a tax-free manner to its shareowners. The transaction will not impact fiscal 2024 guidance.

"Given the sustained market demand for advanced specialty chemicals and materials around the globe, we are confident now is the right time for this business to grow independently, leveraging its leading technologies and deep customer relationships," said Vimal Kapur, Chairman and CEO of Honeywell.