ANNOUNCEDSpinoffTax-Free Spinoff

Honeywell Aerospace Spinoff

HONHoneywell InternationalNYSE

Parent Company

Honeywell International

HON

Aerospace & Defense

SpinCo / Target

Honeywell Aerospace

ANNOUNCED

2024-12-16

EXPECTED

Q3 2026

MARKET CAP

—

DEAL VALUE

—

Summary

Honeywell announced plans to separate into three independent publicly traded companies. The Aerospace division will become a standalone entity focused on aviation technologies, defense systems, and space operations. This is part of a broader conglomerate breakup following activist pressure.

Details & Analysis

The separation follows years of activist pressure from Elliott Management and others arguing that Honeywell's conglomerate structure obscured the value of its high-growth aerospace business. The Aerospace segment generates approximately $13B in annual revenue with strong margins driven by aftermarket services.