By Al Root
Honeywell International completed its breakup, leaving investors with three companies.
On Monday, shares of Honeywell Aerospace rose 3.5% to $228.28 in midday trading, while the S&P 500 rose 0.8%. It was the first day shares traded on a "regular way" basis. Shares started trading on a "when-issued" basis in mid-June at about $200.
Shares of spinouts often trade before spins are complete so investors can get a sense of pricing.
Honeywell Aerospace supplies propulsion, electronics, and mechanical controls to the commercial aerospace and defense industries. With about 158 million shares outstanding, recent prices value the company at $72 billion.
Honeywell Technologies is the remaining building, industrial, and process- automation business. Following the spin, Honeywell Technologies did a one-for-two reverse stock split. Its stock was at $236.13, down 3%.
That price values the company at about $75 billion.
On Friday, Honeywell, before the split, closed at roughly $232, valuing the company at about $147 billion. The two new Honeywells are worth essentially the same amount.
Both companies will probably report somewhat messy quarterly results in the coming weeks. Investors can expect some spin-related items and updated guidance. The third quarter will be more normal.
For now, things are about as they should be, even though a lot has changed.
The third Honeywell stock is Solstice Advanced Materials, which makes refrigerants and other products and was spun out in October 2025. Shares were less than $50 at the time of the spin. They were at almost $83 on Monday.
Investors hope the other two Honeywell stocks trade like that in the coming months.
Write to Al Root at allen.root@dowjones.com
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