Honeywell International Inc. plans to spin off its advanced materials division, the latest move by the industrial conglomerate to reshape its portfolio and streamline its holdings.

Honeywell's new CEO Vimal Kapur has been streamlining the company's portfolio over the past few years to shift focus toward its aviation, automation and energy segments. The advanced materials business accounted for 10% of Honeywell's total sales of $36.66 billion last year.

Honeywell International intends to spin off its advanced materials unit in a bid to simplify the focus of both businesses and give them more financial flexibility.

Multinational conglomerate Honeywell International (HON) is seeking to spin off its advanced materials segment by 2026, according to the Wall Street Journal, and valuing the unit at over $10 billion.

Honeywell will spin off its advanced materials unit into a publicly traded company, the U.S. conglomerate said on Tuesday, simplifying its business to sharpen its focus on aviation, automation and energy transition.

Honeywell is reportedly spinning off its advanced materials division, valued at over $10 billion, as part of CEO Vimal Kapur's strategy to streamline operations around aviation, automation, and energy transition.

Honeywell International Inc. is reportedly planning to spin off its $3.65 billion advanced materials division, potentially worth over $10 billion.

(Reuters) -Diversified manufacturer Honeywell is planning to spin off its advanced materials division, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Shares of the company,

KEY TAKEWAYS Honeywell shares are rising 3% in premarket trading after the conglomerate said it plans to spin off its Advanced Materials division as it joins its peers in pursuing a more focused strategy.