Honeywell International Inc. has divested its legacy asbestos liabilities, including all Bendix asbestos liabilities, to Delticus for approximately $1.68 billion. This transaction involved both cash and insurance assets related to these liabilities, with Delticus assuming full responsibility for managing current and future claims. The divestiture is expected to enhance Honeywell's annual free cash flow by over $100 million in the coming years and aligns with the company's strategy to simplify its portfolio and focus on core growth areas.
The divestiture will result in a one-time after-tax loss of around $115 million, which will be excluded from Honeywell's adjusted earnings per share. With this transaction, Honeywell will no longer have financial exposure to the transferred asbestos liabilities, allowing the company to redeploy capital towards its growth priorities. The divestment is part of Honeywell's broader plans for separation into three independent companies, expected to be completed in the second half of 2026.
linkOct 01, 2025 16:22:57
Honeywell International Inc. has set a record date of October 17, 2025, for the spin-off of its Advanced Materials business, which will operate as Solstice Advanced Materials Inc. Eligible shareholders will receive one share of Solstice common stock for every four shares of Honeywell common stock they own as of the record date. The distribution is expected to take place on October 30, 2025, and Solstice is anticipated to begin trading on the Nasdaq under the ticker symbol 'SOLS' on the same day. The completion of the spin-off is subject to certain conditions being met.
Additionally, Solstice has successfully completed a $1 billion senior notes offering with a 5.625% interest rate, maturing on September 30, 2033. The proceeds will be held in escrow until the spin-off conditions are satisfied. The notes will be guaranteed by certain domestic subsidiaries of Solstice and will pay interest semi-annually starting March 31, 2026. Solstice is also planning an Investor Day on October 8, 2025, to provide further insights into its business and growth prospects.
linkOct 01, 2025 07:04:17
Honeywell International Inc. has set a record date of October 17, 2025, for the spin-off of its Advanced Materials business, which will become an independent company named Solstice Advanced Materials Inc. Eligible shareholders will receive one share of Solstice common stock for every four shares of Honeywell common stock they own as of the record date. The distribution is expected to take effect on October 30, 2025, with Solstice shares beginning to trade on Nasdaq under the ticker symbol 'SOLS'. This spin-off is contingent upon certain conditions being met, including the formal declaration of the distribution by Honeywell's Board of Directors.
Additionally, Solstice has successfully completed a $1 billion senior notes offering, with notes bearing an interest rate of 5.625% due in 2033. The proceeds will be held in escrow until the spin-off conditions are satisfied. Solstice's first interest payment is scheduled for March 31, 2026. The notes are senior unsecured obligations, and their terms include restrictions on additional indebtedness and other financial activities. Solstice will also host an Investor Day on October 8, 2025, to discuss its business operations and growth prospects.
linkOct 01, 2025 07:04:17
Honeywell International Inc. has set a record date of October 17, 2025, for the spin-off of its Advanced Materials business into a new entity named Solstice Advanced Materials Inc. Shareholders of Honeywell will receive one share of Solstice common stock for every four shares of Honeywell common stock held as of the record date. The distribution is expected to take effect on October 30, 2025, with Solstice trading on Nasdaq under the ticker symbol 'SOLS'. This transaction is subject to certain conditions being met.
Additionally, Solstice has completed a $1 billion senior notes offering with a 5.625% interest rate, maturing on September 30, 2033. The proceeds will be held in escrow until the spin-off conditions are satisfied. Solstice is expected to pay interest on these notes starting March 31, 2026. Investors are advised to consult financial advisors regarding the implications of trading Honeywell shares before the distribution date, as there will be two trading markets for Honeywell shares during this period.
linkOct 01, 2025 07:04:17
Honeywell International Inc. has announced the appointment of Mr. Peter Lau as the new President and CEO of its Industrial Automation segment, effective October 15, 2025. Mr. Lau, age 46, will report to Chairman and CEO Mr. Vimal Kapur. He will succeed Mr. Lucian Boldea, who is set to leave the company on August 31, 2025.
Mr. Lau brings significant experience to the role, having previously served as President and CEO of FARO Technologies from July 2023 until October 2025, and as President of Honeywell’s Security, Fire and Electrical Products businesses from January 2018 to August 2020. His background also includes senior leadership positions at Hubbell, General Electric, and Catalyst Nutraceuticals. Mr. Lau holds a B.S. degree in Business Administration from Northeastern University.
linkAug 22, 2025 16:58:24
Honeywell International Inc. has filed a registration statement with the SEC for the spin-off of its Advanced Materials business, which will operate as Solstice Advanced Materials Inc. This new entity is expected to become a publicly traded company by the fourth quarter of 2025. The spin-off aims to create a specialized materials company focused on markets such as refrigerants, semiconductor materials, and healthcare packaging. The anticipated financial performance for Solstice includes net sales of $3.8 billion and adjusted EBITDA of $1.1 billion for 2024.
An Investor Day is scheduled for October 8, 2025, in New York City, where details on Solstice's business strategy and growth prospects will be presented. Solstice is expected to list its common stock on the Nasdaq under the symbol “SOLS”. The spin-off is anticipated to be tax-free for Honeywell shareholders, excluding cash received in lieu of fractional shares. Investors can find further updates and information regarding the spin-off on Honeywell's Investor Relations website.
linkAug 21, 2025 16:32:28
Honeywell International has entered into an agreement with Resideo Technologies, Inc. to terminate the Indemnification and Reimbursement Agreement, which was originally established during Resideo's spin-off from Honeywell in 2018. Under the new agreement, Resideo will make a one-time cash payment of $1.59 billion to Honeywell, effectively replacing future payments that would have been made under the original agreement. This payment is expected to be completed by August 29, 2025, with provisions for an extension to October 30, 2025, if necessary.
Additionally, Honeywell's Board of Directors has amended the company's by-laws to include a new section regarding the designation of a Senior Management Official in relation to the United States National Industrial Security Program. This amendment took effect on July 25, 2025. The changes in financial obligations and governance may have implications for Honeywell's financial position and operational framework moving forward.
linkJul 30, 2025 08:01:39
Honeywell International Inc. reported second-quarter 2025 earnings with sales of $10.4 billion, reflecting an 8% increase compared to the previous year. The company achieved earnings per share of $2.45, a 4% year-over-year rise, and adjusted earnings per share of $2.75, up 10% year-over-year. This performance exceeded the high end of the company's prior guidance. The company also raised its full-year organic growth and adjusted earnings per share guidance, expecting sales between $40.8 billion and $41.3 billion and adjusted earnings per share between $10.45 and $10.65. Operating cash flow was reported at $1.3 billion, down 4% year-over-year, while free cash flow was $1.0 billion, down 9% year-over-year.
In addition to the financial results, Honeywell announced strategic actions including the closure of a $2.2 billion acquisition of Sundyne and the planned acquisition of Johnson Matthey's Catalyst Technologies business for £1.8 billion. The company is also evaluating strategic alternatives for its Productivity Solutions and Services and Warehouse and Workflow Solutions businesses as part of a broader portfolio review. Honeywell aims to separate into three publicly-listed companies by 2026, which is expected to streamline operations and enhance shareholder value.
linkJul 24, 2025 06:10:26
Honeywell has elected Marc Steinberg to its Board of Directors as an independent Director and Audit Committee member, effective May 31, 2025. Steinberg is a Partner at Elliott Investment Management and has extensive experience in public and private equity investments across various industries, including industrials. His background includes roles in capital markets, corporate finance, and mergers and acquisitions, which are expected to contribute valuable insights to the board.
Steinberg has expressed a commitment to working with Honeywell's leadership to execute a separation into three independent companies, aiming to drive operational improvements and create value for shareholders. He currently serves on the boards of Etsy, Inc., Pinterest, Inc., and other private companies. His appointment is seen as a strategic move that may influence Honeywell's direction and performance in the market.
linkMay 28, 2025 07:04:24
The company has submitted financial statements and exhibits as part of its report, in compliance with the Securities Exchange Act of 1934. The report has been officially signed by Su Ping Lu, who is authorized to act on behalf of the company.
linkMay 07, 2025 19:49:05