6 Shares of Honeywell = 1 Share of Spinoff Resideo
Honeywell spinoff Resideo due to start trading on NYSE October 29. Current Honeywell shareholders will receive 6-to-1 stock dividend.
That is the word from the Honeywell (NYSE: HON) Board of Directors as it declared a pro rata dividend of Resideo Technologies, Inc. (NYSE: REZI) common stock effective on October 29, 2018, for any shareholder of stock on October 16, 2018. The distribution is subject to certain conditions.
Honeywell announced the spinoff Resideo back in July 2018 as the corporate name of the Honeywell Homes product portfolio and ADI global distribution businesses. Honeywell will license its brand to Resideo under a long-term agreement for use in its home comfort and security hardware, and software solutions for all channels.
"Today's announcement marks the final phase of the portfolio transformation we announced in October of last year. The Garrett spin was completed on October 1, and Resideo is expected to be an independent, publicly traded company by the end of this month, which is earlier than anticipated," says Honeywell Chairman and Chief Executive Officer Darius Adamczyk. "Once this final phase is complete, Honeywell will be more focused, with businesses that offer multiple platforms for growth and margin expansion, an even stronger balance sheet for aggressively deploying capital, and a continued focus on delivering outstanding returns for our shareowners."
Adamczyk adds, "Resideo is well-positioned for future growth and success as a standalone company, with decades of experience in the home comfort and security industries, best-in-class technologies, a long-term agreement to use Honeywell's world-renowned brand, and an experienced management team focused on innovation and speed to market."
It is anticipated that when-issued trading on the New York Stock Exchange in Resideo common stock will begin on or about Monday, October 15. On Monday, October 29, Resideo common stock will begin regular-way trading on the NYSE under the symbol, "REZI."
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Jason Knott is Chief Content Officer for Emerald Expositions Connected Brands. Jason has covered low-voltage electronics as an editor since 1990, serving as editor and publisher of Security Sales & Integration. He joined CE Pro in 2000 and serves as Editor-in-Chief of that brand. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He has been a member of the CEDIA Business Working Group since 2010. Jason graduated from the University of Southern California. Have a suggestion or a topic you want to read more about? Email Jason at email@example.com
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