Honeywell Shareholders to Get Spinoff Shares in AdvanSix on Oct. 1
September 07 2016 - 5:44PM
Dow Jones News
By Maria Armental
Honeywell International Inc.'s (HON) shareholders will receive a
stake in AdvanSix next month, as part of Honeywell's spinoff of the
$1.3 billion resins and chemicals business.
The New Jersey-based industrial conglomerate, best known as a
maker of thermostats, has been expanding its industrial software
business.
"Software is going to be the medium by which that value is going
to be delivered," Chief Operating Officer Darius Adamczyk, who is
slated to take over as chief executive next year, told the Wall
Street Journal earlier this year.
Under the terms of the dividend tied to the AvanSix spinoff,
Honeywell shareholders of record as of 5 p.m. ET on Sept. 16 will
receive 25 AdvanSix shares on Oct. 1.
AdvanSix stock is expected to begin trading in the "when issued"
market on Sept. 14. Regular trading of ASIX on the New York Stock
Exchange is expected to begin Oct. 3.
Honeywell's stock closed Wednesday at $114.24, up 10% this
year.
-- Ted Mann contributed to this story.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
September 07, 2016 17:29 ET (21:29 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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