A spinoff of a Dow Jones Industrial Average component is not an everyday occurrence. GE(GE), a former Dow component, recently spun off its transportation business into Wabtec(WAB), but the struggling company was removed from the Dow last June. United Technologies(UTX) plans to split in three next year. Even rarer, in this case, the child will join the Dow,… Read More »
When we last checked in on Dan Loeb’s Third Point it was mid 2017 and the fund was cruising while also singing the praises of Baxter International (BAX). Unfortunately, 2018 was a rough year for the firm and performance, at -11.3%, lagged the overall S&P 500. Market Folly shares the fund’s recent Q4 mea culpa letter which offers… 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 On the heels of a rebuffed and withdrawn offer for United Technologies(UTX), Honeywell has decided to slim down, announcing that it will spin off its Resin and Chemicals by early-2017.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 »
In July, as Lockheed Martin(LMT) announced its acquisition of Sikorsky helicopter from United Technologies(UTX), it also announced it was considering a sale or spinoff of its IT business. A decision had been expected by year end. Last week, the company said that although it was still very likely to divest the division, the decision would be pushed into… Read More »
United Technologies (UTX) had been considering its strategic options for its Sikorsky helicopter operations for quite some time. At first, it seemed the storied chopper company would end up flying solo via a spinoff due to tax reasons, but, as time went by, a sale seemed to be more and more likely. Eventually, the WSJ (and others) identified… Read More »
The aviation industry is gathered in France for the Paris Air Show. The focus is usually on the orders for industry giants Airbus and Boeing (BA), but this year also featured an interesting announcement from United Technologies (UTX). During its Investor Day presentation, the company confirmed that it would exit the helicopter business, with either a spinoff or… Read More »
Back in March, United Technologies (UTX) announced that it was exploring its strategic options for its Sikorsky aircraft business. Naturally, a tax free spinoff is one of the options currently under consideration and was the only one called out by name in the press release. The company is famous for its helicopters and is one of the largest ‘primes’ in… Read More »