Honeywell Aerospace took a step Tuesday toward becoming a publicly traded company. Its parent company filed a financial statement with the Securities and Exchange Commission for its Phoenix spinoff, Honeywell Aerospace.
Companies are required to file what is known as a Form 10 with the SEC after accruing $10 million in total assets and 500 or more shareholders. This process is a step toward selling securities on U.S. exchanges. According to the press release by Honeywell, they expect to operate under the stock ticker HONA.
“Honeywell Aerospace continues to build momentum as we approach our public debut in the third quarter," said Jim Currier, president and CEO of Honeywell Aerospace.
"As a premier provider of mission-critical systems leading towards greater electrification, autonomy, and safety, Honeywell Aerospace is well-positioned to capitalize on resilient travel demand, growing global defense budgets, and our record backlog," Currier said.
Honeywell Aerospace will now be required to send financial reports and information to the SEC for investor use. This will allow Honeywell Aerospace to operate independently of its parent company, Honeywell. The company will hold its investor day in Phoenix on June 3 where its business strategy will be revealed by company leadership.
The company employs more than 7,000 workers in Arizona and maintains a variety of contracts with the U.S. Department of Homeland Security.
“With a highly accomplished, purpose-built leadership team and a unique combination of platform positions across commercial air transport, business aviation, and defense and space markets, we are confident Honeywell Aerospace is well-prepared to stand on its own," said Vimal Kapur, chairman and CEO of Honeywell.
"As we continue to advance our portfolio transformation, we are sharpening both companies' strategic focus, enhancing organizational agility, and aligning capital allocation to drive growth and create long-term shareholder value."
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