Honeywell Shareholders to Get Spinoff Shares in AdvanSix on Oct. 1

   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 [e-mail]

(END) Dow Jones Newswires

September 07, 2016 17:29 ET (21:29 GMT)

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