Honeywell to spin off Advanced Materials business; FY24E rev ~$3.8B, EBITDA >25%

HONEYWELL INTERNATIONAL INC

Spin-off of Advanced Materials as standalone public company; tax-free to HON shareholders.
Target completion by end of 2025 or early 2026; subject to Form 10 effectiveness and approvals.
Advanced Materials FY24E revenue $3.7–$3.9B; EBITDA margin greater than 25%.
Follows ~$9B in 2024 acquisitions; aligns with automation, aviation, energy transition megatrends.
No impact on FY24 guidance; additional details on management and board to come.

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