Honeywell has completed its spin-off of Resideo Technologies, Inc., Honeywell's former Homes and ADI Global Distribution business. Resideo shares began trading on the New York Stock Exchange today under the symbol REZI.
"The spin-off of Resideo marks the completion of the portfolio transformation that we initiated last year, leaving us in an even stronger position with a more focused and growth-oriented portfolio and industry-leading businesses across attractive end markets," said Honeywell Chairman and CEO Darius Adamczyk said in a statement. "Our simplified portfolio offers multiple levers to drive organic growth and continued margin expansion, augmented by a vigorous and disciplined M&A strategy that will continue to generate tremendous value for customers and shareowners."
While the smart home products and ADI business moves, Honeywell's commercial security and fire businesses will remain under the company brand and name.
The distribution of Resideo shares of common stock was effective on Oct. 29, 2018. In the distribution, Honeywell distributed one share of Resideo common stock for every six shares of Honeywell common stock held as of 5:00 p.m. Eastern Time on October 16, 2018, the record date for the distribution. According to Yahoo Finance, opening share price of the stock was $28.
Resideo is the second spin-off Honeywell has completed this year; the first was the spin-off of Garrett Motion Inc., Honeywell's former Transportation Systems business, which was completed Oct. 1.
Watch live as Resideo rings the opening bell of the New York Stock Exchange on Tuesday morning at www.nyse.com/bell.