MORRIS PLAINS, N.J.,
Sept. 7, 2016 /PRNewswire/
-- Honeywell (NYSE: HON) today announced that its board
of directors has declared a pro rata dividend of AdvanSix common
stock to be made effective at 11:59 p.m.
EDT on October 1, 2016, to
Honeywell's shareowners of record as of 5:00
p.m. EDT on September 16,
2016, the record date.
Each Honeywell shareowner of record will receive a distribution
of one share of AdvanSix common stock for every 25 shares of common
stock, par value $1.00 per share, of
Honeywell, that it holds on the record date. The distribution is
subject to certain conditions.
"Today's announcement represents another step in the evolution
of the Honeywell portfolio and is consistent with our focus on
businesses that offer high growth potential through differentiated
technologies and software capabilities," said Honeywell Chairman
and CEO, Dave Cote. "We
will continue to execute on our balanced capital deployment
approach, which includes high-ROI capital expenditures, a
competitive dividend, strategic M&A, and opportunistic share
buybacks. During the past 15 years, we've made approximately
90 acquisitions and divested approximately 70 businesses, which has
helped us establish a portfolio of businesses that can fully
leverage our core technological strength and focus on great
positions in good industries."
"AdvanSix is favorably positioned to continue to achieve global
growth as a standalone enterprise," said Honeywell President and
Chief Operating Officer, Darius
Adamczyk. "It will now have the added flexibility to
make capital investments to enhance its offerings and service to
customers and drive value to shareowners."
It is anticipated that when-issued trading on the NYSE in
AdvanSix common stock will begin on or about Wednesday, September 14. On Monday, October 3 AdvanSix common stock will
begin regular-way trading on the NYSE under the symbol, "ASIX."
Honeywell (www.honeywell.com) is a Fortune 100 diversified
technology and manufacturing leader, serving customers worldwide
with aerospace products and services; control technologies for
buildings, homes, and industry; turbochargers; and performance
materials. For more news and information on Honeywell, please
visit www.honeywell.com/newsroom.
This release contains certain statements that may be deemed
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical fact, that address activities, events or
developments that we or our management intends, expects, projects,
believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are based upon certain
assumptions and assessments made by our management in light of
their experience and their perception of historical trends, current
economic and industry conditions, expected future developments and
other factors they believe to be appropriate. The forward-looking
statements included in this release are also subject to a number of
material risks and uncertainties, including but not limited to
economic, competitive, governmental, and technological factors
affecting our operations, markets, products, services and prices.
Such forward-looking statements are not guarantees of future
performance, and actual results, developments and business
decisions may differ from those envisaged by such forward-looking
statements. We identify the principal risks and uncertainties that
affect our performance in our Form 10-K and other filings with the
Securities and Exchange Commission.
Contacts:
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|
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Media
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Investor
Relations
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Robert C.
Ferris
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Mark
Macaluso
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(973)
455-3388
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(973)
455-2222
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rob.ferris@honeywell.com
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mark.macaluso@honeywell.com
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SOURCE Honeywell