06:19 AM EDT, 10/08/2024 (MT Newswires) -- Honeywell International ( HON ) said Tuesday it plans to spin off its advanced materials division as a separate publicly traded company.

The planned spin-off is expected to be completed by the end of 2025 or early 2026, subject to certain customary conditions. The approval of Honeywell's ( HON ) shareholders is not required, the company said.

Following the completion of the transaction, which is not expected to impact the company's 2024 guidance, Honeywell ( HON ) will be positioned to further improve its organic sales growth, lower capital intensity and enhance free cash flow generation capability.

The advanced materials business is expected to have 2024 estimated revenue of between $3.7 billion and $3.9 billion.

Shares of Honeywell ( HON ) rose more than 2% in recent premarket activity.

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