Honeywell International Inc. (HON), the tech conglomerate, Monday announced that it is spinning off Honeywell Aerospace and the process is expected to be completed on June 29.
On June 29, Honeywell will distribute all of the issued and outstanding shares of Honeywell Aerospace common stock pro rata to Honeywell shareowners of record on June 15, on the basis of one share of Honeywell Aerospace common stock for every two shares of Honeywell common stock held.
Honeywell Aerospace common stock is surmised to begin trading on the Nasdaq Stock Market under the ticker 'HONAV' on a when issued basis on or about June 15 and will begin regular way trading on Nasdaq under the ticker symbol 'HONA' on June 29.
After the spin off the remaining pure-play automation company will be known as Honeywell Technologies and will trade under the ticker 'HON'.
In pre-market activity, HON shares were trading at $226.12, up 2.64% on the Nasdaq.
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