Honeywell Aerospace files paperwork for public company spinoff
Provided by Honeywell Aerospace
Phoenix-based Honeywell Aerospace is a step closer to becoming an independent public company.
Honeywell Aerospace on Tuesday filed regulatory paperwork for its spin-off from its Charlotte, North Carolina-based parent company Honeywell International and plans to complete the separation in the third quarter.
When complete, Honeywell Aerospace will remain headquartered in Phoenix and trade on Nasdaq under the ticker symbol, “HONA.”
“Today’s Form 10 filing reflects the strong progress we are making toward the launch of Honeywell Aerospace as an industry-leading, independent aerospace and defense company,” Vimal Kapur, CEO of Honeywell International, said in a statement. “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.”
In early 2025, Honeywell International announced its intent to spin off its aerospace, automation and advanced materials businesses into three separate companies.
That decision came just a few months after Elliott Investment Management called for the company to make the move, stating it would unlock additional shareholder value and improve its performance when compared with industry peers, the Business Journal previously reported.
At the time, Elliott called Honeywell’s aerospace division a “crown jewel,” claiming it’s benefiting from a “long tail of captive aftermarket sales,” while investing in technology for future growth.
Arizona’s second-largest defense contractor
Honeywell Aerospace is Arizona’s second-largest defense contractor, with more than 2,540 contracts in fiscal year 2025 valued at a total of $2.92 billion, according to Business Journal research.
With 7,915 employees in the state in 2024, Honeywell Aerospace ranked as Arizona’s 19th largest employer last year.
Honeywell Aerospace’s regulatory paperwork shows the company generated net sales of $17.4 billion and net income of $1.5 billion in 2025 on a pro forma basis.
“Honeywell Aerospace continues to build momentum as we approach our public debut in the third quarter,” Jim Currier, president and CEO of Honeywell Aerospace, said in a statement. “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.”
As of Dec. 31, Honeywell Aerospace’s backlog of contracted work totaled $18 billion, according to the company’s regulatory filing.
Honeywell Aerospace sets post-spinoff salary for CEO
As a standalone entity, Honeywell Aerospace will be one of the largest publicly traded aerospace suppliers, according to the company.
After its separation from its parent company, Honeywell Aerospace will be organized into three operating segments: electronic solutions, engines and power systems and control systems.
Honeywell Aerospace said it plans to extend leadership in key platform positions in commercial air transport, business aviation and defense and space.
It also aims to execute an “innovation-led” growth strategy that enhances efficiency, safety and connectivity of customers’ fleets, prioritizes new systems, retrofits, modifications and upgrades, and increases access to new markets and aftermarket opportunities, according to the regulatory filing.
In November, Honeywell announced Currier will continue to lead the company’s Arizona aerospace business as CEO after it splits off. Currier has served as president and CEO of Honeywell Aerospace Technologies since 2023.
Currier’s annual base salary will be $1.4 million with adjustments to occur based on performance and other factors, according to a Feb. 17 employment offer letter. Currier’s annual base salary would rank him No. 4 among Arizona’s highest-paid CEOs of public companies, according to Business Journal research.
Currier will also be eligible for incentive compensation equal to 175% of his annual base salary as well as other long-term incentive awards, including stock options, restricted stock units, performance stock units or cash awards, the employment offer letter shows.
In addition, Honeywell International in January named four executives to key leadership roles for the aerospace business ahead of the company’s spin off, the Business Journal previously reported.
The company will provide additional details on its value creation strategy and financial outlook at a June 3 investor day presentation in Phoenix.