FILE PHOTO: A logo of Honeywell is pictured on their booth during the European Business Aviation Convention & Exhibition in Geneva, Switzerland.
Credit: REUTERS/DENIS BALIBOUSE
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, which makes everything from aerospace parts to building automation technology, were up 2.3% in premarket trading.
According to the WSJ report, the business could be worth more than $10 billion as a separately traded public company.
Honeywell did not immediately respond to a Reuters request for comment.
The advanced materials division caters to various industries such as retail, pharmaceuticals, buildings and manufacturing. The business recorded sales of $3.65 billion last year.
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.