Honeywell (HON) Declares Spin-Off Dividend of AdvanSix Shares; to Traded Under Ticker 'ASIX'
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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."
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