Honeywell Plans Spinoff of Aerospace Business

Honeywell Aerospace's parent company, Honeywell International (HON), is planning to spin off its aerospace business into a standalone publicly traded entity. The new company will be called Honeywell Aerospace and will operate independently of Honeywell International.

The move was announced in Q2, with the goal of creating two separate companies that can focus on their respective industries without distractions from each other. Honeywell International will retain its current operations and portfolio, while Honeywell Aerospace will focus solely on aerospace-related businesses.

This spinoff is expected to be completed by mid-2024, pending regulatory approvals and shareholder votes. The new company's ticker symbol has not been announced yet.