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Honeywell International Inc. (NYSE: HON) took another step in its evolution when it announced that its board of directors has declared a pro rata dividend of AdvanSix common stock to be made effective on October 2 to shareholders of record at the close of business on September 16. The company says that in doing this it will continue developing its portfolio with its focus on businesses that offer high growth potential through differentiated technologies and software capabilities.

Each Honeywell share owner of record will receive a distribution of one share of AdvanSix common stock for every 25 shares of common stock, par value $1.00 per share, of Honeywell, that it holds on the record date.

It is expected that when-issued trading on the New York Stock Exchange in AdvanSix common stock will begin on or about Wednesday, September 14. On Monday, October 3, AdvanSix common stock will begin regular-way trading on the exchange under the symbol ASIX.

Dave Cote, Honeywell’s chairman and chief executive, commented:

We will continue to execute on our balanced capital deployment approach, which includes high-ROI capital expenditures, a competitive dividend, strategic M&A, and opportunistic share buybacks.  During the past 15 years, we’ve made approximately 90 acquisitions and divested approximately 70 businesses, which has helped us establish a portfolio of businesses that can fully leverage our core technological strength and focus on great positions in good industries.

Darius Adamczyk, president and chief operating officer, added:

AdvanSix is favorably positioned to continue to achieve global growth as a standalone enterprise. It will now have the added flexibility to make capital investments to enhance its offerings and service to customers and drive value to shareowners.

Shares of Honeywell were trading at $114.38 Thursday morning, with a consensus analyst price target of $126.76 and a 52-week trading range of $91.57 to $120.02.