Honeywell International Inc

HON: XNAS (USA)

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Honeywell's Advanced Materials Spinoff Unlocks Higher Growth and Simplifies Operations

Nicholas Lieb

Oct 8, 2024

On Oct. 8, Honeywell announced plans to spin off its advanced materials, or AM, business. Our unchanged $226 fair value estimate reflects the combined enterprise value of Honeywell and NewCo. While we do not have definitive information regarding the spinoff, our initial rough stand-alone enterprise value for NewCo. is around $11 billion. No unrelated liabilities are being tacked onto NewCo., to our knowledge.

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Honeywell International Inc

Honeywell's Advanced Materials Spinoff Unlocks Higher Growth and Simplifies Operations

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