Honeywell (NYSE: HON) today announced that its Board of Directors has declared a pro rata dividend of Garrett Motion Inc. common stock to be made effective at 12:01 a.m. EDT on October 1, 2018, to Honeywell's shareowners of record as of 5:00 p.m. EDTon September 18, 2018, the record date.
Each Honeywell shareowner of record will receive a distribution of one share of Garrett Motion Inc. common stock for every 10 shares of common stock, par value $1.00 per share, of Honeywell, that it holds on the record date. The distribution is subject to certain conditions.
"Today's announcement marks another important step in Honeywell's portfolio transformation, and demonstrates our continued commitment to generating shareowner value," said Honeywell Chairman and Chief Executive Officer Darius Adamczyk. "The Garrett spin-off has decades of expertise in developing innovative, cutting-edge technologies for the automotive industry and will benefit from emerging global opportunities in e-boosting, integrated vehicle health management, and cyber security. With an experienced leadership team and growth-focused capital deployment strategy, Garrett is well equipped to deliver returns for its shareowners following its separation from Honeywell," Adamczyk said.
It is anticipated that when-issued trading on the New York Stock Exchange in Garrett Motion Inc. common stock will begin on or about Monday, September 17. On Monday, October 1 Garrett common stock will begin regular-way trading on the NYSE under the symbol, "GTX."
Honeywell (www.honeywell.com) is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
