Honeywell announced Monday it has finished the spinoff of Resideo Technologies Inc., Honeywell’s former Homes and ADI Global Distribution business.
The Morris Plains-based conglomerate said Resideo shares have begun trading on the New York Stock Exchange under the symbol “REZI”.
“The spinoff 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. 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,” Darius Adamczyk, Honeywell chairman and CEO, said. “We remain committed to delivering outstanding returns for our shareowners, backed by a best-in-class balance sheet, an impressive track record of financial outperformance in the first three quarters of 2018, and a wide range of innovative, technologically advanced products, services and software that addresses the growing needs of our diverse customer base.”
Under terms of the spinoff, Honeywell distributed one share of Resideo common stock for every six shares of Honeywell common stock.