By Don Nico ForbesHoneywell International plans to spin off its Advanced Materials business as it continues to simplify its strategic focus. The U.S.-listed industrial conglomerate said on Tuesday it is planning a tax-free spinoff of the business as an independent, U.S. publicly traded company, with completion targeted for the end of 2025 or early 2026. As an independent company, the Advanced Materials business--which provides sustainability-focused specialty chemicals and materials--will have revenue of roughly $3.8 billion, Honeywell said. "The planned spin-off will enable Honeywell to progress its strategic priorities of accelerating organic growth, evolving its Accelerator operating system, and optimizing its portfolio," the company said. Write to Don Nico Forbes at don.forbes@wsj.com(END) Dow Jones Newswires10-08-24 0638ET

Source: Wall Street Journal October 08, 2024 16:42 UTC