Honeywell’s first earnings release after the Aerospace spinoff requires a little subtraction. The headline numbers — $9.7 billion of sales and $4.52 of adjusted earnings per share — still include Honeywell Aerospace, even though HONA has been trading on its own since June 29. The numbers for the company that now trades under HON are smaller and more… Read More »
GE Vernova is the kind of spinoff that makes conglomerate breakup arguments much easier to defend. Then Wind shows up and reminds everyone why the breakup was necessary in the first place. The former GE power business reported a strong second quarter, raised full-year revenue and free-cash-flow guidance, and ended the quarter with a $176 billion backlog. Orders… Read More »
Eaton has found a home for Mobility. The company had already planned a spinoff of its Mobility Group. Now the spinoff plan has changed. Eaton will spin off Mobility and combine it with Dana Incorporated in a Reverse Morris Trust transaction. A Reverse Morris Trust transaction allows a company to sell a division and avoid paying taxes on… Read More »
Resideo was always an awful name. It’s almost as though Honeywell didn’t expect the company to stay independent when it completed the spinoff in 2018 and just used a throwaway name. Though in reality they probably spent millions on a branding agency which subcontracted to a precocious six year old for an extra piece of cake after dinner.… Read More »
Middleby completed the spinoff of its Food Processing business on July 6. The new company, Midera Food Processing, begins regular-way trading today on Nasdaq under the ticker MFP. Middleby shareholders received one Midera share for each Middleby share held as of the June 26 record date. Middleby’s completion announcement is here. We wrote about the planned separation last… Read More »
Solstice Advanced Materials is wasting little time as an independent company. Less than a year after Honeywell completed the Solstice spinoff, Solstice agreed to acquire Element Solutions in a cash-and-stock transaction valued at approximately $14.5 billion, including the assumption of net debt. Element shareholders will receive $10 in cash and 0.500 shares of Solstice common stock for each… Read More »
Verizon is leaving the Dow Jones Industrial Average, and Alphabet is taking its place. At first glance, this is just a routine index change. The Dow is price-weighted, Verizon’s share price is low, and Alphabet gives the average more exposure to the businesses that now dominate the communications sector: search, cloud, artificial intelligence, YouTube, Android and digital advertising.… Read More »
Comcast is not finished taking itself apart. The company completed the Versant spinoff earlier this year, separating cable networks such as CNBC, MSNBC, USA Network, E!, Syfy, Oxygen, Golf Channel, Fandango, Rotten Tomatoes and related assets into a standalone public company. Now Comcast is going bigger. Comcast announced plans to separate NBCUniversal and Sky into a new publicly… Read More »
Update — June 29: Honeywell Aerospace has begun regular-way trading on Nasdaq under HONA after the completion of the Honeywell Aerospace spinoff. Honeywell Technologies continues under HON following the planned 1-for-2 reverse split. HONA is joining the S&P 500 and S&P 100, while Honeywell Technologies remains in the Dow Jones Industrial Average and the S&P 500. Honeywell Aerospace… Read More »
Not every announced spinoff reaches the finish line as a clean distribution. Some get paused or cancelled. Some get sold. Some turn into an IPO, a private-equity investment, and a much longer wait. This week’s roundup is about those almost-spinoffs: deals that are still worth watching, even if the original plan has changed. Kraft Heinz Puts The Breakup… Read More »
The FedEx Freight spinoff did not produce a cheap orphan stock. It produced something more interesting: a standalone LTL(less-than-truckload) carrier that already trades at a serious valuation, and a parent company that is now easier to analyze and looks cheap. Investors looking at FedEx Freight Holding Company, which now trades on the New York Stock Exchange under the… Read More »
Middleby has spent years looking like a company that made more sense in pieces. Commercial kitchen equipment was one piece. Food Processing was another. Residential Kitchen was another still. They kind of looked similar, but, are, in fact, very different businesses. It’s not really surprising than that Middleby has chosen to split them up. Middleby has already moved… Read More »
S&P Global’s Mobility Global spinoff is now set and in the final stretch before execution. The distribution date is July 1, 2026. That is when S&P Global expects to complete the distribution of Mobility Global shares to shareholders. Holders of S&P Global common stock as of the June 15, 2026 record date are expected to receive one share… Read More »
AnaptysBio(ANAB) completed the spinoff of First Tracks Biotherapeutics (TRAX) on April 20. We wrote about the planned separation back in October, when the announcement sent AnaptysBio shares up more than 30%. Then the spinoff happened, First Tracks started trading, and we haven’t gotten around to discussing it now. Hopefully, we will have a lot of late posts coming… Read More »
When I saw the headline, I had an immediate question: Flex? Then I read the press release and it dawned on me. Was this the company formerly known as Flextronics? Ten seconds of googling confirmed the hunch, though I was surprised to find that the name change happened back in 2015. I think I had hair back then,… Read More »