It may be a new year, but we are reviving our series of popular Odds and Ends pieces. In this end of week edition, we hear from CEOs of spin off related companies. The buck has to stop somewhere so why not hear it straight from the top? The WSJ recently featured a chat with Ed Breen, the… Read More »
You may have noticed a lull in our regular programming and for that we apologize. Over the past few weeks, a number of spinoff transactions have closed leading to quite a few shifts within the S&P indices. Here is a summary of the various transactions: Honeywell’s (HON) AdvanSix (ASIX) spinoff was distributed on October 1st and the new company… Read More »
Honeywell’s (HON) board of directors approved the spinoff of AdvanSix, its resin and chemical business. The spinoff will take place on October 1st and shareholders as of September 16th will receive 1 share of AdvanSix for every 25 shares of HON owned. A When-Issued market is expected to be in place beforehand, but post-spin, the company will trade… Read More »
It may sound like an alien planet, but Honeywell(HON) shareholders should prepare to see AdvanSix in their portfolios early next year. On the heels of a rebuffed and withdrawn offer for United Technologies(UTX), Honeywell has decided to slim down, announcing that it will spin off its Resin and Chemicals by early-2017. The new company which will be named… Read More »
Canadian company COM DEV International(CDV.TO) announced that Honeywell(HON) will purchase the company for C$455 million ($345 million USD). Concurrent with the purchase, COM DEV will spin off its stake in exactEarth to shareholders. exactEarth will become an independent, publicly traded company. (i) Honeywell will acquire the equipment business of COM DEV by way of an acquisition of all of… Read More »
A few links to settle back in after the long Labor Day weekend: Spinoffs are all the rage and conglomerates are dropping like flies. While GE (GE) and others are currently slimming down, the WSJ notes that Honeywell (HON) is the rare outperforming conglomerate that is actually being cheered for its diversified position. Whether that remains the case… Read More »
Shareholders heading to Winston-Salem yesterday for B/E Aerospace’s (BEAV) annual meeting were likely very disappointed (or worse) to hear that the meeting had been cancelled the day before. The company opted to postpone its annual gathering after issuing a press release stating that the company was engaged in a ‘Process to Explore Strategic Alternatives’. Hopefully the fact that… Read More »