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| Spinoff Name | Spinoff Symbol | Announced Date | Spinoff Date | Spinoff Last Price | Spinoff Performance | Spinoff Current Volume | Parent Name | Parent Symbol | Parent Last Price | Parent Performance | Parent Current Volume | Type | Resources | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| detail | ADI Global Distribution Inc. | ADIG | 07/30/2025 | 08/04/2026 | 25.24 | 14.73% | 1,220,225 | Resideo Technologies, Inc. | REZI | 25.7 | -1.80% | 3,008,608 | Spinoff | Press ReleaseInvestor PresentationResideo Technologies Lender PresentationADI Global Distribution Lender PresentationForm 10-12B/AProspectusResideo Technologies Investor DayADI Investor Day | |
Total Shares Traded Since Spinoff:
Resideo Technologies, Inc., spinoff details:
14,615,379 (19.75%)
Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026. The separation does not require shareholder approval. Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026. The separation does not require shareholder approval.
For the 12 months ending March 29, 2025:
Preliminary Q2 2025 guidance (given May 6):
Update(s): August 5, 2025: Q2 2025 Investor Presentation August 13, 2025: Resideo Technologies will spin off its $4.5B ADI distribution unit in 2H 2026, leaving the company focused on its higher-margin Products & Solutions segment. Ahead of the move, Resideo paid Honeywell $1.59 billion to terminate long-term indemnification obligations of up to $140 million annually through 2043. May 11, 2026: Resideo Technologies provided an update on the planned spin-off of its ADI Global Distribution business, including the filing of ADI’s Form 10 registration statement with the SEC, the announcement of leadership teams and boards of directors for both Resideo and ADI, and plans to host separate investor day events in mid-July 2026. The company expects the spin-off to be completed between mid-third quarter and mid-fourth quarter of 2026, subject to customary conditions. June 4, 2026: Resideo Technologies filed an amended Form 10 for the planned spin-off of ADI Global Distribution, including ADI financial statements through April 4, 2026. • The ADI separation remains on track for mid-Q3 to mid-Q4 2026. • Resideo Investor Day will be held on July 13, 2026, and ADI Investor Day on July 14, 2026, both at the NYSE. June 16, 2026: Resideo Technologies (REZI) said its planned spin-off of ADI Global Distribution remains on track for completion between mid-Q3 and mid-Q4 2026. As part of the separation, ADI priced $400 million of 7.125% senior notes due 2034 and completed syndication of a $600 million term loan and a $500 million revolving credit facility. ADI plans to use proceeds from the notes and term loan to fund a distribution to Resideo and cover transaction-related expenses. The notes offering is expected to close on June 30, 2026, subject to customary conditions, including completion of the spin-off. July 1, 2026: Resideo's board has approved the planned tax-free spin-off of its ADI Global Distribution business. Resideo shareholders of record on July 20, 2026 will receive one ADI Global Distribution (ADIG) share for every two Resideo shares held. The distribution is scheduled for August 3, 2026, with no shareholder action required. Cash will be paid in lieu of fractional shares. ADI is expected to begin when-issued trading under ADIG WI on or about July 29, 2026, with regular-way trading under ADIG expected to begin on the NYSE on August 4, 2026. During the when-issued period, Resideo shares will trade both with (REZI) and without (REZI WI) the right to receive ADI shares. Financing: Ahead of the separation, ADI completed a $400 million offering of 7.125% senior notes due 2034 and entered into a $600 million senior secured term loan facility and a $500 million revolving credit facility. The proceeds will fund a distribution to Resideo, transaction costs, and general corporate purposes. Investor Days: Resideo and ADI will host standalone investor days on July 13 and July 14, 2026, respectively, where management will outline each company's long-term strategy, financial outlook, and value creation plans. July 13, 2026: Resideo Technologies held its Investor Day ahead of the planned August 3, 2026 spin-off of ADI Global Distribution. The company also set medium-term targets of 4%-5% annual revenue growth, higher profit margins, and continued strong cash flow. The ADI spin-off remains on track, with ADIG expected to begin trading on the NYSE on August 4, 2026. July 14, 2026: ADI Global Distribution reaffirmed its planned spin-off from Resideo Technologies, highlighting its standalone growth strategy and medium-term financial targets at its inaugural Investor Day. The separation is expected to close on August 3, 2026, with ADIG expected to begin trading on the NYSE on August 4, 2026, subject to customary conditions. August 4, 2026: Resideo completed the spin-off of ADI Global Distribution through a tax-free distribution, with shareholders receiving one ADI share for every two Resideo shares held as of July 20, 2026. • Resideo used the transaction to strengthen its balance sheet by repaying $900 million of its Term Loan B and expects to repay an additional approximately $200 million following the post-closing cash adjustment. • Resideo also retired 150,000 shares of its Series A Preferred Stock, reducing the outstanding preferred shares to 350,000 and simplifying its capital structure. • ADI began trading as a fully independent NYSE-listed company under the ticker $ADIG with an experienced executive leadership team led by President and CEO Robert Aarnes and CFO Michael Carlet. • ADI established its complete corporate governance framework on day one by expanding its Board from two to eight directors and constituting the Audit, Compensation, and Nominating & Governance Committees with appointed committee chairs. • CD&R retained meaningful governance influence through its right to designate two directors to ADI's Board, with William Galvin and Nathan Sleeper appointed pursuant to the preferred stock agreement. • Following the separation, Resideo becomes a pure-play building technologies company, while ADI operates as an independent global distribution business Key Dates
Resideo Technologies Investor Relations | |||||||||||||||
| detail | Midera Food Processing, Inc. | MFP | 02/25/2025 | 07/06/2026 | 43.74 | 19.51% | 704,871 | The Middleby Corporation | MIDD | 118.95 | -33.62% | 1,212,116 | Spinoff | Press ReleaseSpinoff Investor PresentationMidera Business OverviewForm 10-12B/A Midera Investor DayMiddleby Investor Day | |
Total Shares Traded Since Spinoff:
The Middleby Corporation, spinoff details:
28,621,083 (63.30%)
The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies: Middleby Food Processing: Specializing in industrial food processing solutions with strong sales, high margins, and a growth-oriented M&A strategy. Middleby RemainCo: Concentrating on commercial and residential kitchen equipment, leveraging automation, digital technologies, and premium brands. The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies:
Update(s): February 26, 2026: The Middleby Corporation announced leadership appointments ahead of the planned spin-off of its Food Processing business. Mark Salman, currently President of Middleby Food Processing Group, will become CEO of the new company upon completion of the spin-off, while Mark Bowie will serve as COO. The Food Processing segment generated $850M in revenue in 2025. The spin-off remains on track for completion in Q2 2026. March 25, 2026: The Middleby Corporation appointed Brittany Cerwin as Chief Financial Officer effective immediately, the company announced in a press release. Cerwin succeeds Bryan Mittelman, who served as CFO since 2019 and will transition to Special Advisor to the Chief Executive Officer. In his new role, Mittelman will focus on completing the previously announced spin-off of the company’s Food Processing business, expected by the end of the second quarter of 2026. May 4, 2026: The Middleby Corporation (MIDD) announced that it has filed a Form 10 registration statement with the SEC for the planned spin-off of its Middleby Food Processing business. May 11, 2026: The Middleby Corporation announced that its Food Processing business will operate under the name Midera Food Processing, Inc. (Midera). Middleby and Midera will host an Investor Day on May 12, 2026. The separation of Midera into a standalone public company is expected to be completed on July 6, 2026. Under the terms of the distribution, Middleby stockholders will receive one share of Midera common stock for each share of Middleby common stock held on the record date. Following the separation, Midera intends to list on the Nasdaq Global Select Market under the ticker symbol “MFP.” May 27, 2026: Midera Food Processing filed an amended Form 10, adding executive compensation plans, severance arrangements, subsidiary disclosures as it advances its planned spin-off from Middleby. (Form 10-12B/A) June 17, 2026: Middleby (MIDD) set June 26, 2026, as the record date for the planned spin-off of Midera Food Processing following the SEC's effectiveness of Midera's Form 10. Shareholders will receive one Midera share for each Middleby share held, with the distribution expected to be completed on July 6, 2026, subject to customary conditions. June 22, 2026: The Middleby Corporation formally approved the spin-off of its Food Processing business, Midera Food Processing, with the separation set to be completed on July 6, 2026. Middleby shareholders of record as of June 26, 2026, will receive one share of Midera for each Middleby share held. Midera is expected to begin trading on a when-issued basis under ticker "MFPVV" on or about June 26, with regular-way trading under ticker "MFP" commencing on July 7, 2026. Middleby shares will continue trading under "MIDD", while an ex-distribution market under ticker "MIDDV" will operate from June 26 through the distribution date. The transaction is expected to be tax-free to U.S. shareholders. June 29, 2026: Middleby said its planned spin-off, Midera Food Processing, entered into a five-year, $1 billion revolving credit agreement to support its growth strategy as a standalone company. The separation remains on track to close on July 6, 2026. July 6, 2026: Middleby completed the spin-off of its Food Processing business as Midera Food Processing (MFP), effective July 6, 2026. Shareholders received one Midera share for each Middleby share held as of the June 26 record date. Midera will begin regular-way trading on Nasdaq on July 7, 2026. The Middleby Corporation Investor Relations Resources February 25, 2025: Spinoff Presentation | |||||||||||||||
| detail | Mobility Global | MBGL | 04/29/2025 | 07/01/2026 | 19.62 | -7.41% | 4,556,512 | S&P Global Inc. | SPGI | 410.1 | -1.17% | 1,513,671 | Spinoff | Press ReleaseForm 10-12B/AInvestor Presentation | |
Total Shares Traded Since Spinoff:
S&P Global Inc., spinoff details:
222,023,102 (74.13%) S&P Global has announced its intention to separate its Mobility segment into an independent public company. The planned spin-off is expected to be completed within 12 to 18 months, subject to regulatory approvals, board consent, and the successful filing of a Form 10 registration statement with the SEC. S&P Global Post-Separation Following the spin-off, S&P Global will continue to operate its four synergistic core segments:
This streamlined structure will support simplified operations, stronger strategic alignment, and enhanced momentum in areas like AI, data analytics, and product innovation. The company believes it will be better positioned to serve both public and private markets with an integrated approach. S&P Global will share further details about its multi-year strategic roadmap at its Investor Day on November 13, 2025. Mobility S&P Global Mobility is a leading automotive data and technology provider focused on delivering insights across the entire vehicle lifecycle. It operates through three divisions:
Key brands under Mobility include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. The business generated $1.6 billion in revenue in FY 2024, marking a ~8% year-over-year increase. The separation, subject to customary closing conditions and approvals, is intended to be structured as a tax-free distribution to existing S&P Global shareholders. December 4, 2025: S&P Global announced new executive appointments as it prepares to separate its Mobility business into an independent public company. Larissa Cerqueira has been named Chief People Officer, effective January 1, 2026. Tasha Matharu has been appointed Chief Legal Officer, also effective January 1, 2026. Joseph “Joedy” Lenz has joined as Chief Information Officer, effective immediately. The company expects to complete the separation within 12–18 months of the original announcement. December 16, 2025: S&P Global announced the appointment of Matt Calderone as Chief Financial Officer (CFO) of the Mobility business, joining the company by March 1, 2026. May 7, 2026: S&P Global announced the public filing of a Form 10 registration statement with the SEC for the planned spin-off of its Mobility division into an independent public company, Mobility Global Inc. The filing outlines Mobility Global’s business, strategy, and historical financials. CEO Bill Eager said the company aims to build on brands including CARFAX, Polk, and automotiveMastermind. S&P Global expects to complete the separation in mid-2026, subject to regulatory approvals and board approval. May 8, 2026: S&P Global announced the board of directors for Mobility Global Inc. ahead of the planned mid-2026 separation of its Mobility division into an independent public company. Former CSX CEO Joe Hinrichs will serve as Chairman of the eight-member board, while Bill Eager will also join as CEO-designate. Other directors include Eric Aboaf, Heather Lavallee, Monique Leroux, Mark Peek, Shilpa Ranganathan, and Alexander Taussig. May 18, 2026: S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business, launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility. Following the planned spin-off, Mobility Global intends to use the net proceeds to fund a cash payment to S&P Global tied to the transfer of certain assets, liabilities, and entities, with remaining proceeds allocated toward fees, expenses, and general corporate purposes. Proceeds will remain in escrow until separation-related conditions are satisfied. S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business, launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility. Following the planned spin-off, Mobility Global intends to use the net proceeds to fund a cash payment to S&P Global tied to the transfer of certain assets, liabilities, and entities, with remaining proceeds allocated toward fees, expenses, and general corporate purposes. Proceeds will remain in escrow until separation-related conditions are satisfied. May 21, 2026: S&P Global approved the previously announced spin-off of its Mobility division into standalone public company. Shareholders of record as of June 15, 2026 will receive one share of Mobility Global common stock for every S&P Global share held. The distribution is expected to become effective on July 1, 2026. “When-issued” trading under ticker “MBGL WI” is expected to begin around June 26 and continue through June 30, while regular-way trading is anticipated to commence on July 1. May 27, 2026: Mobility Global updated its Form 10 filing, adding details on its planned debt financing, capital structure, executive compensation arrangements, and separation agreements ahead of its spin-off from S&P Global. July 1, 2026: S&P Global completed the tax-free spin-off of its Mobility division into Mobility Global Inc. (MBGL). Mobility Global began regular-way trading on July 1, 2026. S&P Global shareholders received one MBGL share for each SPGI share held as of June 15, 2026, with S&P Global distributing 100% of Mobility Global. Fractional shares were settled in cash. S&P Global will release recast historical financials reflecting the separation on July 6, 2026. S&P Global Investor Relations
Spinoff Snapshot Parent: S&P Global separated its Mobility division into an independent public company. SpinCo: Mobility Global Inc. (NYSE: MBGL), an automotive intelligence company providing data and analytics across the vehicle lifecycle. S&P Global Retains: The post-spin company retains four core businesses: S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices, and S&P Global Commodity Insights. S&P Global remains focused on credit ratings, financial and private-market data and workflow tools, stock-market indices and benchmarks, and energy and commodity intelligence. Mobility Global Receives: The entire former S&P Global Mobility division, organized around two businesses: CARFAX and B2B Solutions. Its major brands and platforms include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. CARFAX provides vehicle-history and used-car information, while B2B Solutions serves automakers, suppliers, dealers, financial institutions and other automotive customers with forecasting, planning, marketing, sales and pricing intelligence. At separation, CARFAX represented about 65% of revenue and B2B Solutions about 35%. Reason: Mobility serves a distinct automotive customer base with different market dynamics and capital needs. The separation allows Mobility to invest and pursue acquisitions independently while S&P Global focuses capital on its core financial, ratings, indices, and commodity-information businesses. Debt: Mobility Global raised $2.0B of senior notes before the separation: $650M of 5.050% notes due 2029, $650M of 5.450% notes due 2031, and $700M of 6.050% notes due 2036. It also established a $500M senior unsecured revolving credit facility. Debt Offload to SpinCo / Parent Payment: Yes. Mobility Global used the net proceeds from the $2.0B debt issuance primarily to make a cash payment to S&P Global as consideration for the assets, liabilities and entities transferred to the SpinCo. Remaining proceeds were available for separation costs and general corporate purposes. Economically, this meant Mobility Global entered independence with the new debt while S&P Global received the cash payment. Distribution: S&P Global shareholders received 1 Mobility Global share for every 1 S&P Global share held as of the June 15, 2026 record date. S&P Global distributed 100% of Mobility Global’s shares, and fractional shares were sold for cash. Shares Outstanding at Spin-off: 299,500,000 shares
Resources | |||||||||||||||
| detail | Honeywell Aerospace | HONA | 12/16/2024 | 06/29/2026 | 167.8 | -23.79% | 3,686,965 | Honeywell Technologies | HON | 235.34 | 3.31% | 2,989,022 | Spinoff | Press ReleaseForm 10-12B/A 2Investor PresentationAerospace Investor PresentationHoneywell 2026 GuidanceHoneywell Technologies Investor DayHoneywell Technologies at a Glance | |
Total Shares Traded Since Spinoff:
Honeywell Technologies, spinoff details:
124,032,916 (39.13%) On December 16, 2024, Honeywell announced ongoing portfolio evaluation, including a potential Aerospace business separation, with progress updates expected in its Q4 2024 earnings release. (Announcement) Update(s): January 13, 2024: Honeywell will issue its fourth quarter financial results and 2025 outlook before the opening of the Nasdaq Stock Market on February 6. January 14, 2025: According to Bloomberg, Honeywell International plans to move forward with a breakup under pressure from activist investor Elliott Investment Management. The Charlotte, North Carolina-based industrial giant intends to separate into two independent, publicly traded companies, with one focusing on automation and the other on aerospace and defense. February 6, 2025: Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders. Honeywell Automation
Honeywell Aerospace
Advanced Materials
Financial & Strategic Moves:
Separation Timings
June 16, 2025: At the 2025 Paris Air Show, Honeywell outlined its vision for spinning off its aerospace division by late 2026. CEO Vimal Kapur called it a “transformative” year, as the company pursues divestitures, acquisitions, and restructuring under pressure from Elliott Management. Aerospace head James Currier emphasized the unit’s global scale, strong defense ties, and growth in retrofit and upgrade services. With over $1B invested in its supply chain since 2022, Honeywell aims to double aerospace revenue by the 2030s, focusing on autonomy, electrification, and modernization. (Investor Presentation) August 22, 2025: Honeywell announced the appointment of Peter Lau as President and CEO of its Industrial Automation business, effective October 15, 2025. October 22, 2025: Honeywell is restructuring its business ahead of the Aerospace Technologies spin-off (H2 2026) and Solstice Advanced Materials separation (Oct 30, 2025). Post-spin-off, reporting segments will be Building Automation, Industrial Automation, and Process Automation & Technology. Aerospace Technologies will become a standalone pure-play aerospace supplier, serving commercial, defense, and space markets with propulsion, cockpit/navigation, and auxiliary power systems. Spin-off remains on track for H2 2026. Industrial-focused segments will drive Honeywell’s digital and autonomous solutions: Building Automation: Fire, controls, access, and security solutions for millions of buildings. Industrial Automation: Sensors and edge devices enabling industrial connectivity. Process Automation & Technology: End-to-end process and energy solutions improving efficiency, reducing emissions, and supporting digital transformation. Leadership remains with Vimal Kapur as CEO, supported by segment heads Billal Hammoud (BA), Peter Lau (IA), Jim Masso (PA), and Ken West (Process Technology). November 3, 2025: Honeywell named Jim Currier as President & CEO of the soon-to-be-spun-off Honeywell Aerospace, expected to become an independent public company in 2H 2026. Craig Arnold, former Eaton CEO, has been selected as Chairman of the new company’s board and joins Honeywell’s board effective immediately. The standalone Honeywell Aerospace will be headquartered in Phoenix and generated $15B in 2024 sales. It will emerge as one of the largest pure-play aerospace suppliers, with leading positions in propulsion, avionics, and auxiliary power systems. January 29, 2026: Honeywell provided an update on anticipated timing for the spin-off of Honeywell Aerospace into an independent publicly traded company, now expected to be completed in the third quarter of 2026 ahead of the company's prior expectations. March 3, 2026: Honeywell International Inc. filed a Form 10 with the SEC for the planned spin-off of Honeywell Aerospace, which will trade on Nasdaq under ticker HONA, targeting separation in Q3 2026. Honeywell Aerospace will be organized into three operating segments.
Investor Day scheduled for June 3, 2026 (Phoenix) March 6, 2026: Honeywell International announced that Honeywell Aerospace has launched a private offering of up to $16B in senior notes to support the planned aerospace spin-off. Proceeds from the new-money notes will fund a cash distribution to Honeywell, spin-off costs, and general corporate purposes, while exchange notes will be transferred to Bank of America, Goldman Sachs, and Morgan Stanley to settle certain debt obligations. The notes will be senior unsecured and guaranteed by Honeywell until the spin-off closes. The Aerospace spin-off is expected in Q3 2026, with Honeywell guaranteeing the notes until the separation closes. (Press Release) Debt Tender & Redemptions: Honeywell launched cash tender offers to repurchase up to $3.75B and €1.25B of existing debt and issued notices to redeem additional notes totaling about $3.9B and €1.4B, covering maturities between 2027 and 2030. Financing Facilities: Honeywell also secured a $6B term loan facility due March 31, 2026, along with new revolving credit facilities including a $3B 364-day facility and a $4B five-year facility to support refinancing and transaction liquidity. Aerospace Capital Structure: Following the separation, Honeywell Aerospace is expected to operate with $4B in credit facilities ($3B five-year and $1B 364-day), establishing an independent capital structure for the spun-off business. March 10, 2026: Honeywell announced that Honeywell Aerospace Inc. priced $11B in senior notes maturing between 2028 and 2066 as part of financing for the planned spin-off. Proceeds from the new money notes will fund a cash distribution to Honeywell and spin-off-related costs, while exchange notes will settle certain existing debt obligations. Honeywell will guarantee the notes until the separation is completed. April 1, 2026: Honeywell announced dates for its upcoming investor days ahead of the planned separation of Honeywell Aerospace, expected to be completed in the third quarter of 2026. Honeywell Aerospace, which will trade on the Nasdaq under the ticker "HONA", will host a live webcast of its inaugural investor conference in Phoenix, Arizona on Wednesday, June 3, 2026. Honeywell will then host a live video webcast of its 2026 investor conference in New York City on Thursday, June 11, 2026 for the automation business. April 23, 2026: Honeywell International has updated the timing for the spin-off of its Aerospace business, now expected to be completed on June 29, 2026, marking a key milestone in its portfolio transformation. The standalone aerospace entity will trade on Nasdaq under the ticker HONA. Ahead of the separation, the company has scheduled dedicated investor events, including an Aerospace investor day on June 3, 2026 in Phoenix and an Automation business investor day on June 11, 2026 in New York, to outline the strategy and outlook for both businesses. Honeywell International has updated the timing for the spin-off of its Aerospace business, now expected to be completed on June 29, 2026, marking a key milestone in its portfolio transformation. The standalone aerospace entity will trade on Nasdaq under the ticker HONA. Ahead of the separation, the company has scheduled dedicated investor events, including an Aerospace investor day on June 3, 2026 in Phoenix and an Automation business investor day on June 11, 2026 in New York, to outline the strategy and outlook for both businesses. April 28, 2026: Honeywell Announces Board of Directors for Honeywell Aerospace Craig Arnold will lead the 11-person Board as Independent Chair. Jim Currier, President and CEO of Honeywell Aerospace, will join the Board alongside a distinguished group of directors. Honeywell's spin-off of Honeywell Aerospace is expected to be completed on June 29, 2026 Management will detail Honeywell Aerospace’s strategy and outlook at its June 3, 2026, Investor Day. June 1, 2026: Honeywell (HON) unveiled the new brand identities for its two future standalone companies, Honeywell Technologies and Honeywell Aerospace, ahead of the planned June 29, 2026 spin-off of its Aerospace business. Honeywell Technologies will retain the "HON" ticker and focus on industrial automation, software, and autonomy solutions, while Honeywell Aerospace will trade under the ticker "HONA" and operate as a pure-play aerospace supplier focused on aviation technologies, electrification, and autonomous flight. Honeywell said both companies will build on the Honeywell brand, which it estimates is valued at approximately $18 billion, while pursuing distinct growth strategies as independent public companies. Additional details on the standalone businesses will be provided during Honeywell Aerospace's Investor Day on June 3 and Honeywell Technologies' Investor Day on June 11. June 3, 2026: Honeywell Aerospace hosts an Investor Day in Phoenix, Arizona ahead of its planned spin-off from Honeywell. Investor Presentation June 5, 2026: Honeywell set June 15, 2026, as the record date for the Aerospace spin-off. Shareholders will receive 1 HONA share for every 2 HON shares, with distribution expected on June 29, 2026. • Honeywell Aerospace (HONA) is expected to begin regular-way trading on Nasdaq on June 29. Honeywell Technologies ($HON) will remain the parent company and continue trading under the HON ticker. • HONAV when-issued trading is expected to begin around June 15, while HONIV will trade ex-distribution from June 15 through June 26. • The spin-off is expected to be tax-free for U.S. shareholders, except for cash received in lieu of fractional shares. • Honeywell also confirmed a 1-for-2 reverse stock split effective immediately after the spin-off, reducing shares outstanding from approximately 634M to 317M and authorized shares from 2B to 1B, while retaining the HON ticker. Equity awards and benefit-plan share units will be adjusted accordingly. June 8, 2026: Honeywell Aerospace filed Amendment No. 2 to its Form 10, updating its information statement with finalized separation terms, trading mechanics, and post-spin capital structure details. The filing also reflects Honeywell's approval of the planned reverse stock split following the separation. June 8, 2026: Honeywell reaffirmed its 2026 outlook ahead of the planned Aerospace separation and provided the first standalone guidance for Honeywell Technologies, the post-spin company. Honeywell Technologies expects $19.9B–$20.2B in 2026 sales, 2%–3% organic growth, 19.8%–20.3% segment margins, $3.95–$4.15 adjusted EPS, and approximately $2.0B in free cash flow. The outlook reflects the planned divestitures of PSS and Warehouse & Workflow Solutions, the expected acquisition of Johnson Matthey Catalyst Technologies, and the exclusion of Quantinuum results following its IPO. June 11, 2026: Ahead of the June 29 Aerospace spin-off, Honeywell hosted an Investor Day for Honeywell Technologies, outlining its strategy as a pure-play automation company. Management introduced a new growth framework targeting 4%–6% annual organic growth, more than 60 basis points of annual margin expansion, over 10% annual earnings growth, and more than 90% free cash flow conversion over the next three years. June 15, 2026: Honeywell announced that its Board of Directors has formally approved the planned spin-off of Honeywell Aerospace which remains on track for completion on June 29, 2026. June 29, 2026: Honeywell Technologies completed the spin-off of Honeywell Aerospace (HONA). HONA begins regular-way trading on Nasdaq today, with shareholders receiving 1 HONA share for every 2 HON shares held as of June 15, 2026. Honeywell also completed a 1-for-2 reverse stock split. (Presentation) July 8, 2026: Honeywell Technologies updated its 2026 guidance to reflect the impact of its 1-for-2 reverse stock split, which became effective June 29, 2026, ahead of its planned separation. The reverse split reduced outstanding common shares from approximately 634 million to 317 million, resulting in adjusted earnings per share guidance doubling to $7.90–$8.30 for the full year and $4.40–$4.70 for the second half of 2026. The company said the change in second-half operating cash flow guidance reflects updated estimates for capital expenditures and spin-off and separation-related costs. July 23, 2026: Honeywell Technologies reported its first quarterly results as a standalone company following the June 29 spin-off of Honeywell Aerospace, with orders rising 16% and backlog reaching ~$20 billion. The company raised its 2026 organic growth, segment margin and adjusted EPS guidance, driven by strong demand in Building Automation and Process Automation. Meanwhile, newly independent Honeywell Aerospace reported 5% organic sales growth in the former Aerospace Technologies segment, led by 17% growth in commercial aviation OEM sales and 7% growth in commercial aftermarket sales, and is scheduled to report its first standalone quarterly results on August 5. Honeywell Investor Relations
Spinoff Snapshot Parent: Honeywell is separating its Aerospace business into an independent public company. SpinCo: Honeywell Aerospace (Nasdaq: HONA), a pure-play aerospace supplier with leading positions in avionics, propulsion, navigation, auxiliary power, and flight systems. Honeywell Retains: Honeywell Technologies (HON), focused on industrial automation, software, AI, sensing, safety, and autonomy solutions. Honeywell Aerospace Receives: The Aerospace business, which generated approximately $15B of revenue in 2024 and consists of three segments: Electronic Solutions, Engines & Power Systems, and Control Systems. Management: Jim Currier will serve as CEO and Craig Arnold as Chairman. Debt: Honeywell Aerospace raised $11B in senior notes, launched up to $16B of debt financing, and will operate with $4B of committed credit facilities following separation. Structure: Tax-free spin-off expected to be completed on June 29, 2026. Honeywell Aerospace will trade under the ticker HONA. Pre-Spin Performance: Honeywell Aerospace generated approximately $15B of revenue in 2024 and is one of the largest aerospace suppliers serving commercial aviation, defense, and space markets.
Key Dates Record date: June 15, 2026 Distribution Date: June 29, 2026. When-issued trading under HONAV around June 15 Ex-distribution basis under HONIV from June 15 through June 26 Resources February 6, 2025: Portfolio Update: Separation of Automation and Aerospace | |||||||||||||||
| detail | Harsco Environmental and Rail (Renamed Enviri Corporation) | NVRI | 11/21/2025 | 06/01/2026 | 20.73 | 7.97% | 572,012 | Enviri Corporation | N/A | -100.00% | Spinoff | Press ReleaseForm 10-12B | |||
Total Shares Traded Since Spinoff:
Enviri Corporation, spinoff details:
24,844,363 (88.73%) Enviri entered a definitive agreement to sell Clean Earth to Veolia for $3.04 billion and to spin off Harsco Environmental and Rail into a standalone public company (“New Enviri”). The Boards of Enviri and Veolia have unanimously approved the transaction. Closing is expected mid-2026, subject to shareholder and regulatory approvals.
March 20, 2026: Enviri Corporation announced it has filed an initial Form 10 with the SEC for the planned spin-off of its Harsco Environmental and Rail businesses into a standalone public company, “New Enviri.” The spin-off is expected to occur in mid-2026, just before the closing of the previously announced sale of the Clean Earth division to Veolia, subject to shareholder approval and customary conditions. New Enviri plans to list on the NYSE under the ticker “NVRI,” with further details to be provided in subsequent SEC filings. May 4, 2026: Enviri Corporation shareholders approved the sale of its Clean Earth division to Veolia Environnement S.A., with ~99.54% voting in favor. Prior to closing, Enviri will spin off its Harsco Environmental and Harsco Rail businesses into a new entity (“New Enviri”), with both transactions targeted for mid-2026. New Enviri: Will focus on environmental services for the metals industry and rail equipment/services, with expected 2026 pro forma revenue of ~$1.2B and a conservative balance sheet (~2.0x net debt/EBITDA), alongside growth potential from operational improvements and end-market recovery. May 11, 2026: Enviri Corporation announced that the previously disclosed spin-off of its Harsco Environmental and Harsco Rail segments is expected to become effective on June 1, 2026. The spun-off company, currently named Enviri II Corporation and expected to be renamed Enviri Corporation following the transaction, plans to list on the NYSE under the ticker symbol “NVRI.” Enviri stockholders will receive one share of New Enviri common stock for every three shares of CE Holdings common stock held following the holding company merger. The company also noted that the SEC declared the Form 10 registration statement effective on May 8, 2026. May 20, 2026: Enviri expects to complete the sale of Clean Earth to and the spin-off of Harsco Environmental and Rail on June 1, 2026. Existing shareholders are expected to receive $15 per share in cash, after debt repayment and transaction costs, along with 1 share of the newly separated Enviri for every 3 shares currently held. “When Issued” trading for Enviri II is set to begin May 27 under ticker “NVRI WI,” while regular-way trading for the new standalone Enviri Corporation under ticker “NVRI” is expected to begin June 2. June 1, 2026: Enviri completed the spin-off of its Harsco Environmental and Harsco Rail businesses into Enviri II Corporation, which will begin regular-way trading on the NYSE under the ticker NVRI on June 2, 2026, and be renamed Enviri Corporation. The separation was completed immediately before the sale of Clean Earth to Veolia, with shareholders receiving one NVRI share for every three Enviri shares held, plus $15.00 per share in cash.
Spin-Off Snapshot Parent: Enviri Corporation sold its Clean Earth business to Veolia. Spin-Off: Enviri spun off its Harsco Environmental and Harsco Rail businesses into a standalone company, now called Enviri Corporation (NYSE: NVRI). Shareholder Distribution: Shareholders received $15.00 per share in cash and 1 NVRI share for every 3 Enviri shares held. Post Spinoff - What NVRI Owns: Harsco Environmental and Harsco Rail. Reason: To separate the environmental and rail businesses from Clean Earth, simplify the company structure, reduce debt, and create a focused standalone business. Debt Structure: Enviri used proceeds from the Clean Earth sale to repay approximately $1.35 billion of debt, while NVRI launched with a targeted 2.0x net debt-to-Adjusted EBITDA leverage ratio and an undrawn revolving credit facility. Enviri Investor Relations
Resources March 20, 2026: Form 10-12B | |||||||||||||||
| detail | FedEx Freight | FDXF | 12/19/2024 | 06/01/2026 | 141.24 | -5.53% | 878,473 | FedEx Corp. | FDX | 326.77 | -3.10% | 1,109,679 | Spinoff | Press ReleaseForm 10-12BInvestor PresentationInvestor Day Presentation | |
Total Shares Traded Since Spinoff:
FedEx Corp., spinoff details:
71,242,171 (47.85%)
On December 19, 2024, FedEx Corp. announced that its Board of Directors has concluded a comprehensive assessment of the role of FedEx Freight as part of its portfolio and has decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The separation is expected to be achieved in a tax-efficient manner for FedEx stockholders and executed within the next 18 months. FedEx Corp. Investor Relations On December 19, 2024, FedEx Corp. announced that its Board of Directors has concluded a comprehensive assessment of the role of FedEx Freight as part of its portfolio and has decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The separation is expected to be achieved in a tax-efficient manner for FedEx stockholders and executed within the next 18 months. Update(s): January 17, 2025: FedEx Corporation announced that Lance Moll, president of FedEx Freight, will retire after 33 years with the company. He will remain in his role until January 31, then transition to an executive advisor position until July 31. Following Moll's departure, the FedEx Freight team will report to Smith, who will oversee the separation of FedEx and FedEx Freight into two public companies, set to be completed within 18 months. May 19, 2025: FedEx has named longtime executive John Smith as CEO of its freight trucking spinoff, FedEx Freight. Smith, currently Chief Operating Officer for the company's U.S. and Canada operations, brings over 25 years of experience with FedEx. He was CEO of the FedEx Freight business between 2018 and 2021. June 25, 2025: Ahead of its planned spin-off next spring, FedEx named key leaders for the standalone company:
September 18, 2025: FedEx said its planned spin-off of FedEx Freight is progressing and remains on track for a tax-efficient separation by June 2026. After the split, FedEx Freight will trade on the NYSE under the ticker “FDXF.” October 6, 2025: Marshall Witt, formerly the chief financial officer of TD SYNNEX, a global IT distributor and solutions provider, has been appointed senior vice president and chief financial officer of FedEx Freight, effective October 15. January 16, 2026: FedEx announces filing of Form 10 Registration Statement for planned spin-off of FedEx Freight. Separation is on track for completion on June 1, 2026. January 27, 2026: FedEx Freight Holding Co. raised $3.7 billion in its debut investment-grade bond sale, ahead of its planned June 1 spinoff from FedEx Corp. April 8, 2026: FedEx Freight hosted its inaugural investor day ahead of its planned spinoff from FedEx Corporation, outlining its strategy as a standalone company focused on network efficiency, technology investments and disciplined capital allocation. The company also introduced a medium-term outlook targeting 4% to 6% revenue growth and 10% to 12% operating income growth, with annual free cash flow expected to exceed $1 billion. (Presentation) April 13, 2026: FedEx Corporation Chief Financial Officer John Dietrich will step down following the completion of the company’s planned freight spinoff. He will leave the CFO role on June 1 and depart the company on July 31. Claude Russ, enterprise vice president of finance, has been named interim CFO while the company conducts a comprehensive internal and external search for a successor. May 13, 2026: FedEx announced that its Board of Directors approved the previously announced separation of its freight business, with the board declaring a pro rata dividend of 80.1% of the outstanding shares of FedEx Freight common stock to FedEx shareholders of record as of May 15, 2026. Following the separation, FedEx Freight is expected to begin trading on the NYSE on June 1, 2026, under the ticker symbol “FDXF.” Distribution Ratio and Retained Stake FedEx shareholders will receive one share of FedEx Freight common stock for every two shares of FedEx common stock held on the record date, with cash paid in lieu of fractional shares. FedEx will retain a 19.9% stake in FedEx Freight following the separation and expects to dispose of the remaining interest within 24 months through debt repayment exchanges, shareholder distributions, or share exchanges. The distribution is expected to qualify as tax-free for U.S. federal income tax purposes. Trading Structure Ahead of Separation: Between May 27 and May 29, 2026, FedEx common stock is expected to trade in both “regular-way” and “ex-distribution” markets on the NYSE. Regular-way shares trading under “FDX” will include entitlement to receive FedEx Freight shares, while shares trading under “FDX WI” will trade without such entitlement. Entitlements to receive FedEx Freight shares are also expected to trade on a when-issued basis under the symbol “FDXF WI” through May 29, 2026. FedEx Freight to Pay $4.1 Billion Cash Dividend In connection with the separation, FedEx Freight plans to pay an approximately $4.1 billion cash dividend to FedEx before the spin-off closes. The payment will be funded through proceeds from its previously completed $3.7 billion senior notes offering and borrowings under a delayed-draw term loan facility. FedEx to Redeem €354.9 Million Notes Due 2031 Separately, FedEx announced plans to redeem all €354.878 million aggregate principal amount of its 1.300% notes due 2031 on May 28, 2026. The redemption price will equal the greater of 100% of principal or the present value of remaining scheduled payments through the May 5, 2031 par call date, plus accrued and unpaid interest. June 1, 2026: FedEx completed the spin-off of FedEx Freight, which began trading on the NYSE under the ticker FDXF on June 1, 2026. The separation was effected through the distribution of 80.1% of FedEx Freight's outstanding shares, with FedEx shareholders receiving one FDXF share for every two FDX shares held as of May 15, 2026. FedEx retained a 19.9% stake in FedEx Freight and plans to dispose of those shares within 24 months through debt exchanges, dividends, or share exchanges. The transaction establishes FedEx Freight as an independent, publicly traded leader in the North American less-than-truckload (LTL) market, while FedEx continues to trade under the ticker FDX. June 8, 2026: FedEx increased its annual dividend rate by 5% following the FedEx Freight spin-off, resulting in a transition-period annualized dividend of $4.88 per share through December 31, 2026. The company also declared a quarterly dividend of $1.22 per share, payable on July 7, 2026, to shareholders of record on June 22, 2026. Spinoff Snapshot Parent: FedEx separated its FedEx Freight business into an independent public company. SpinCo: FedEx Freight (FDXF), the largest North American less-than-truckload (LTL) carrier. FedEx Retains: Express, Ground, Services, and broader transportation and logistics operations. FDXF Receives: The entire FedEx Freight business and LTL network. Distribution: Shareholders received 1 FDXF share for every 2 FDX shares held on May 15, 2026. Ownership: FedEx distributed 80.1% of FDXF and retained a 19.9% stake, which it plans to dispose of within 24 months. Debt: FDXF raised $3.7B in bonds and paid an approximately $4.1B dividend to FedEx before separation. Management: John Smith became CEO of FedEx Freight; Marshall Witt was appointed CFO. Pre-Spin Performance: FDXF targets 4%-6% revenue growth, 10%-12% operating income growth, and annual free cash flow exceeding $1B.
FedEx Corp. Investor Relations Resources January 2026: Form 10-12B | |||||||||||||||
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| Spinoff Name | Announced Date | Parent Symbol | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| detail | ADI Global Distribution Inc. | 07/30/2025 | REZI | ||||||||||||
Total Shares Traded Since Spinoff:
Resideo Technologies, Inc., spinoff details:
14,615,379 (19.75%)
Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026. The separation does not require shareholder approval. Resideo Technologies announced its intention to separate its ADI Global Distribution business through a tax-free spin-off to Resideo shareholders. Following the completion of the separation, Resideo's Products & Solutions business will continue to operate as Resideo, and ADI will become an independent public company. The separation is intended to be tax-free for U.S. federal income tax purposes and is expected to be completed in the second half of 2026. The separation does not require shareholder approval.
For the 12 months ending March 29, 2025:
Preliminary Q2 2025 guidance (given May 6):
Update(s): August 5, 2025: Q2 2025 Investor Presentation August 13, 2025: Resideo Technologies will spin off its $4.5B ADI distribution unit in 2H 2026, leaving the company focused on its higher-margin Products & Solutions segment. Ahead of the move, Resideo paid Honeywell $1.59 billion to terminate long-term indemnification obligations of up to $140 million annually through 2043. May 11, 2026: Resideo Technologies provided an update on the planned spin-off of its ADI Global Distribution business, including the filing of ADI’s Form 10 registration statement with the SEC, the announcement of leadership teams and boards of directors for both Resideo and ADI, and plans to host separate investor day events in mid-July 2026. The company expects the spin-off to be completed between mid-third quarter and mid-fourth quarter of 2026, subject to customary conditions. June 4, 2026: Resideo Technologies filed an amended Form 10 for the planned spin-off of ADI Global Distribution, including ADI financial statements through April 4, 2026. • The ADI separation remains on track for mid-Q3 to mid-Q4 2026. • Resideo Investor Day will be held on July 13, 2026, and ADI Investor Day on July 14, 2026, both at the NYSE. June 16, 2026: Resideo Technologies (REZI) said its planned spin-off of ADI Global Distribution remains on track for completion between mid-Q3 and mid-Q4 2026. As part of the separation, ADI priced $400 million of 7.125% senior notes due 2034 and completed syndication of a $600 million term loan and a $500 million revolving credit facility. ADI plans to use proceeds from the notes and term loan to fund a distribution to Resideo and cover transaction-related expenses. The notes offering is expected to close on June 30, 2026, subject to customary conditions, including completion of the spin-off. July 1, 2026: Resideo's board has approved the planned tax-free spin-off of its ADI Global Distribution business. Resideo shareholders of record on July 20, 2026 will receive one ADI Global Distribution (ADIG) share for every two Resideo shares held. The distribution is scheduled for August 3, 2026, with no shareholder action required. Cash will be paid in lieu of fractional shares. ADI is expected to begin when-issued trading under ADIG WI on or about July 29, 2026, with regular-way trading under ADIG expected to begin on the NYSE on August 4, 2026. During the when-issued period, Resideo shares will trade both with (REZI) and without (REZI WI) the right to receive ADI shares. Financing: Ahead of the separation, ADI completed a $400 million offering of 7.125% senior notes due 2034 and entered into a $600 million senior secured term loan facility and a $500 million revolving credit facility. The proceeds will fund a distribution to Resideo, transaction costs, and general corporate purposes. Investor Days: Resideo and ADI will host standalone investor days on July 13 and July 14, 2026, respectively, where management will outline each company's long-term strategy, financial outlook, and value creation plans. July 13, 2026: Resideo Technologies held its Investor Day ahead of the planned August 3, 2026 spin-off of ADI Global Distribution. The company also set medium-term targets of 4%-5% annual revenue growth, higher profit margins, and continued strong cash flow. The ADI spin-off remains on track, with ADIG expected to begin trading on the NYSE on August 4, 2026. July 14, 2026: ADI Global Distribution reaffirmed its planned spin-off from Resideo Technologies, highlighting its standalone growth strategy and medium-term financial targets at its inaugural Investor Day. The separation is expected to close on August 3, 2026, with ADIG expected to begin trading on the NYSE on August 4, 2026, subject to customary conditions. August 4, 2026: Resideo completed the spin-off of ADI Global Distribution through a tax-free distribution, with shareholders receiving one ADI share for every two Resideo shares held as of July 20, 2026. • Resideo used the transaction to strengthen its balance sheet by repaying $900 million of its Term Loan B and expects to repay an additional approximately $200 million following the post-closing cash adjustment. • Resideo also retired 150,000 shares of its Series A Preferred Stock, reducing the outstanding preferred shares to 350,000 and simplifying its capital structure. • ADI began trading as a fully independent NYSE-listed company under the ticker $ADIG with an experienced executive leadership team led by President and CEO Robert Aarnes and CFO Michael Carlet. • ADI established its complete corporate governance framework on day one by expanding its Board from two to eight directors and constituting the Audit, Compensation, and Nominating & Governance Committees with appointed committee chairs. • CD&R retained meaningful governance influence through its right to designate two directors to ADI's Board, with William Galvin and Nathan Sleeper appointed pursuant to the preferred stock agreement. • Following the separation, Resideo becomes a pure-play building technologies company, while ADI operates as an independent global distribution business Key Dates
Resideo Technologies Investor Relations | |||||||||||||||
| detail | Midera Food Processing, Inc. | 02/25/2025 | MIDD | ||||||||||||
Total Shares Traded Since Spinoff:
The Middleby Corporation, spinoff details:
28,621,083 (63.30%)
The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies: Middleby Food Processing: Specializing in industrial food processing solutions with strong sales, high margins, and a growth-oriented M&A strategy. Middleby RemainCo: Concentrating on commercial and residential kitchen equipment, leveraging automation, digital technologies, and premium brands. The Middleby Corporation plans to spin off its food processing business into a separate public company, Middleby Food Processing, by early 2026. The move aims to create two focused companies:
Update(s): February 26, 2026: The Middleby Corporation announced leadership appointments ahead of the planned spin-off of its Food Processing business. Mark Salman, currently President of Middleby Food Processing Group, will become CEO of the new company upon completion of the spin-off, while Mark Bowie will serve as COO. The Food Processing segment generated $850M in revenue in 2025. The spin-off remains on track for completion in Q2 2026. March 25, 2026: The Middleby Corporation appointed Brittany Cerwin as Chief Financial Officer effective immediately, the company announced in a press release. Cerwin succeeds Bryan Mittelman, who served as CFO since 2019 and will transition to Special Advisor to the Chief Executive Officer. In his new role, Mittelman will focus on completing the previously announced spin-off of the company’s Food Processing business, expected by the end of the second quarter of 2026. May 4, 2026: The Middleby Corporation (MIDD) announced that it has filed a Form 10 registration statement with the SEC for the planned spin-off of its Middleby Food Processing business. May 11, 2026: The Middleby Corporation announced that its Food Processing business will operate under the name Midera Food Processing, Inc. (Midera). Middleby and Midera will host an Investor Day on May 12, 2026. The separation of Midera into a standalone public company is expected to be completed on July 6, 2026. Under the terms of the distribution, Middleby stockholders will receive one share of Midera common stock for each share of Middleby common stock held on the record date. Following the separation, Midera intends to list on the Nasdaq Global Select Market under the ticker symbol “MFP.” May 27, 2026: Midera Food Processing filed an amended Form 10, adding executive compensation plans, severance arrangements, subsidiary disclosures as it advances its planned spin-off from Middleby. (Form 10-12B/A) June 17, 2026: Middleby (MIDD) set June 26, 2026, as the record date for the planned spin-off of Midera Food Processing following the SEC's effectiveness of Midera's Form 10. Shareholders will receive one Midera share for each Middleby share held, with the distribution expected to be completed on July 6, 2026, subject to customary conditions. June 22, 2026: The Middleby Corporation formally approved the spin-off of its Food Processing business, Midera Food Processing, with the separation set to be completed on July 6, 2026. Middleby shareholders of record as of June 26, 2026, will receive one share of Midera for each Middleby share held. Midera is expected to begin trading on a when-issued basis under ticker "MFPVV" on or about June 26, with regular-way trading under ticker "MFP" commencing on July 7, 2026. Middleby shares will continue trading under "MIDD", while an ex-distribution market under ticker "MIDDV" will operate from June 26 through the distribution date. The transaction is expected to be tax-free to U.S. shareholders. June 29, 2026: Middleby said its planned spin-off, Midera Food Processing, entered into a five-year, $1 billion revolving credit agreement to support its growth strategy as a standalone company. The separation remains on track to close on July 6, 2026. July 6, 2026: Middleby completed the spin-off of its Food Processing business as Midera Food Processing (MFP), effective July 6, 2026. Shareholders received one Midera share for each Middleby share held as of the June 26 record date. Midera will begin regular-way trading on Nasdaq on July 7, 2026. The Middleby Corporation Investor Relations Resources February 25, 2025: Spinoff Presentation | |||||||||||||||
| detail | Mobility Global | 04/29/2025 | SPGI | ||||||||||||
Total Shares Traded Since Spinoff:
S&P Global Inc., spinoff details:
222,023,102 (74.13%) S&P Global has announced its intention to separate its Mobility segment into an independent public company. The planned spin-off is expected to be completed within 12 to 18 months, subject to regulatory approvals, board consent, and the successful filing of a Form 10 registration statement with the SEC. S&P Global Post-Separation Following the spin-off, S&P Global will continue to operate its four synergistic core segments:
This streamlined structure will support simplified operations, stronger strategic alignment, and enhanced momentum in areas like AI, data analytics, and product innovation. The company believes it will be better positioned to serve both public and private markets with an integrated approach. S&P Global will share further details about its multi-year strategic roadmap at its Investor Day on November 13, 2025. Mobility S&P Global Mobility is a leading automotive data and technology provider focused on delivering insights across the entire vehicle lifecycle. It operates through three divisions:
Key brands under Mobility include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. The business generated $1.6 billion in revenue in FY 2024, marking a ~8% year-over-year increase. The separation, subject to customary closing conditions and approvals, is intended to be structured as a tax-free distribution to existing S&P Global shareholders. December 4, 2025: S&P Global announced new executive appointments as it prepares to separate its Mobility business into an independent public company. Larissa Cerqueira has been named Chief People Officer, effective January 1, 2026. Tasha Matharu has been appointed Chief Legal Officer, also effective January 1, 2026. Joseph “Joedy” Lenz has joined as Chief Information Officer, effective immediately. The company expects to complete the separation within 12–18 months of the original announcement. December 16, 2025: S&P Global announced the appointment of Matt Calderone as Chief Financial Officer (CFO) of the Mobility business, joining the company by March 1, 2026. May 7, 2026: S&P Global announced the public filing of a Form 10 registration statement with the SEC for the planned spin-off of its Mobility division into an independent public company, Mobility Global Inc. The filing outlines Mobility Global’s business, strategy, and historical financials. CEO Bill Eager said the company aims to build on brands including CARFAX, Polk, and automotiveMastermind. S&P Global expects to complete the separation in mid-2026, subject to regulatory approvals and board approval. May 8, 2026: S&P Global announced the board of directors for Mobility Global Inc. ahead of the planned mid-2026 separation of its Mobility division into an independent public company. Former CSX CEO Joe Hinrichs will serve as Chairman of the eight-member board, while Bill Eager will also join as CEO-designate. Other directors include Eric Aboaf, Heather Lavallee, Monique Leroux, Mark Peek, Shilpa Ranganathan, and Alexander Taussig. May 18, 2026: S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business, launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility. Following the planned spin-off, Mobility Global intends to use the net proceeds to fund a cash payment to S&P Global tied to the transfer of certain assets, liabilities, and entities, with remaining proceeds allocated toward fees, expenses, and general corporate purposes. Proceeds will remain in escrow until separation-related conditions are satisfied. S&P Global announced that Mobility Global, the newly formed holding company for its planned Mobility spin-off business, launched a private offering of $2 billion in senior notes due 2029, 2031, and 2036. Mobility Global also entered into a $500 million senior unsecured revolving credit facility. Following the planned spin-off, Mobility Global intends to use the net proceeds to fund a cash payment to S&P Global tied to the transfer of certain assets, liabilities, and entities, with remaining proceeds allocated toward fees, expenses, and general corporate purposes. Proceeds will remain in escrow until separation-related conditions are satisfied. May 21, 2026: S&P Global approved the previously announced spin-off of its Mobility division into standalone public company. Shareholders of record as of June 15, 2026 will receive one share of Mobility Global common stock for every S&P Global share held. The distribution is expected to become effective on July 1, 2026. “When-issued” trading under ticker “MBGL WI” is expected to begin around June 26 and continue through June 30, while regular-way trading is anticipated to commence on July 1. May 27, 2026: Mobility Global updated its Form 10 filing, adding details on its planned debt financing, capital structure, executive compensation arrangements, and separation agreements ahead of its spin-off from S&P Global. July 1, 2026: S&P Global completed the tax-free spin-off of its Mobility division into Mobility Global Inc. (MBGL). Mobility Global began regular-way trading on July 1, 2026. S&P Global shareholders received one MBGL share for each SPGI share held as of June 15, 2026, with S&P Global distributing 100% of Mobility Global. Fractional shares were settled in cash. S&P Global will release recast historical financials reflecting the separation on July 6, 2026. S&P Global Investor Relations
Spinoff Snapshot Parent: S&P Global separated its Mobility division into an independent public company. SpinCo: Mobility Global Inc. (NYSE: MBGL), an automotive intelligence company providing data and analytics across the vehicle lifecycle. S&P Global Retains: The post-spin company retains four core businesses: S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices, and S&P Global Commodity Insights. S&P Global remains focused on credit ratings, financial and private-market data and workflow tools, stock-market indices and benchmarks, and energy and commodity intelligence. Mobility Global Receives: The entire former S&P Global Mobility division, organized around two businesses: CARFAX and B2B Solutions. Its major brands and platforms include CARFAX, automotiveMastermind, Polk Automotive Solutions, and Market Scan. CARFAX provides vehicle-history and used-car information, while B2B Solutions serves automakers, suppliers, dealers, financial institutions and other automotive customers with forecasting, planning, marketing, sales and pricing intelligence. At separation, CARFAX represented about 65% of revenue and B2B Solutions about 35%. Reason: Mobility serves a distinct automotive customer base with different market dynamics and capital needs. The separation allows Mobility to invest and pursue acquisitions independently while S&P Global focuses capital on its core financial, ratings, indices, and commodity-information businesses. Debt: Mobility Global raised $2.0B of senior notes before the separation: $650M of 5.050% notes due 2029, $650M of 5.450% notes due 2031, and $700M of 6.050% notes due 2036. It also established a $500M senior unsecured revolving credit facility. Debt Offload to SpinCo / Parent Payment: Yes. Mobility Global used the net proceeds from the $2.0B debt issuance primarily to make a cash payment to S&P Global as consideration for the assets, liabilities and entities transferred to the SpinCo. Remaining proceeds were available for separation costs and general corporate purposes. Economically, this meant Mobility Global entered independence with the new debt while S&P Global received the cash payment. Distribution: S&P Global shareholders received 1 Mobility Global share for every 1 S&P Global share held as of the June 15, 2026 record date. S&P Global distributed 100% of Mobility Global’s shares, and fractional shares were sold for cash. Shares Outstanding at Spin-off: 299,500,000 shares
Resources | |||||||||||||||
| detail | Honeywell Aerospace | 12/16/2024 | HON | ||||||||||||
Total Shares Traded Since Spinoff:
Honeywell Technologies, spinoff details:
124,032,916 (39.13%) On December 16, 2024, Honeywell announced ongoing portfolio evaluation, including a potential Aerospace business separation, with progress updates expected in its Q4 2024 earnings release. (Announcement) Update(s): January 13, 2024: Honeywell will issue its fourth quarter financial results and 2025 outlook before the opening of the Nasdaq Stock Market on February 6. January 14, 2025: According to Bloomberg, Honeywell International plans to move forward with a breakup under pressure from activist investor Elliott Investment Management. The Charlotte, North Carolina-based industrial giant intends to separate into two independent, publicly traded companies, with one focusing on automation and the other on aerospace and defense. February 6, 2025: Honeywell announced that its Board of Directors completed the comprehensive business portfolio evaluation launched a year ago by Chairman and CEO Vimal Kapur and intends to pursue a full separation of Automation and Aerospace Technologies. The planned separation, coupled with the previously announced plan to spin Advanced Materials, will result in three publicly listed industry leaders. Honeywell Automation
Honeywell Aerospace
Advanced Materials
Financial & Strategic Moves:
Separation Timings
June 16, 2025: At the 2025 Paris Air Show, Honeywell outlined its vision for spinning off its aerospace division by late 2026. CEO Vimal Kapur called it a “transformative” year, as the company pursues divestitures, acquisitions, and restructuring under pressure from Elliott Management. Aerospace head James Currier emphasized the unit’s global scale, strong defense ties, and growth in retrofit and upgrade services. With over $1B invested in its supply chain since 2022, Honeywell aims to double aerospace revenue by the 2030s, focusing on autonomy, electrification, and modernization. (Investor Presentation) August 22, 2025: Honeywell announced the appointment of Peter Lau as President and CEO of its Industrial Automation business, effective October 15, 2025. October 22, 2025: Honeywell is restructuring its business ahead of the Aerospace Technologies spin-off (H2 2026) and Solstice Advanced Materials separation (Oct 30, 2025). Post-spin-off, reporting segments will be Building Automation, Industrial Automation, and Process Automation & Technology. Aerospace Technologies will become a standalone pure-play aerospace supplier, serving commercial, defense, and space markets with propulsion, cockpit/navigation, and auxiliary power systems. Spin-off remains on track for H2 2026. Industrial-focused segments will drive Honeywell’s digital and autonomous solutions: Building Automation: Fire, controls, access, and security solutions for millions of buildings. Industrial Automation: Sensors and edge devices enabling industrial connectivity. Process Automation & Technology: End-to-end process and energy solutions improving efficiency, reducing emissions, and supporting digital transformation. Leadership remains with Vimal Kapur as CEO, supported by segment heads Billal Hammoud (BA), Peter Lau (IA), Jim Masso (PA), and Ken West (Process Technology). November 3, 2025: Honeywell named Jim Currier as President & CEO of the soon-to-be-spun-off Honeywell Aerospace, expected to become an independent public company in 2H 2026. Craig Arnold, former Eaton CEO, has been selected as Chairman of the new company’s board and joins Honeywell’s board effective immediately. The standalone Honeywell Aerospace will be headquartered in Phoenix and generated $15B in 2024 sales. It will emerge as one of the largest pure-play aerospace suppliers, with leading positions in propulsion, avionics, and auxiliary power systems. January 29, 2026: Honeywell provided an update on anticipated timing for the spin-off of Honeywell Aerospace into an independent publicly traded company, now expected to be completed in the third quarter of 2026 ahead of the company's prior expectations. March 3, 2026: Honeywell International Inc. filed a Form 10 with the SEC for the planned spin-off of Honeywell Aerospace, which will trade on Nasdaq under ticker HONA, targeting separation in Q3 2026. Honeywell Aerospace will be organized into three operating segments.
Investor Day scheduled for June 3, 2026 (Phoenix) March 6, 2026: Honeywell International announced that Honeywell Aerospace has launched a private offering of up to $16B in senior notes to support the planned aerospace spin-off. Proceeds from the new-money notes will fund a cash distribution to Honeywell, spin-off costs, and general corporate purposes, while exchange notes will be transferred to Bank of America, Goldman Sachs, and Morgan Stanley to settle certain debt obligations. The notes will be senior unsecured and guaranteed by Honeywell until the spin-off closes. The Aerospace spin-off is expected in Q3 2026, with Honeywell guaranteeing the notes until the separation closes. (Press Release) Debt Tender & Redemptions: Honeywell launched cash tender offers to repurchase up to $3.75B and €1.25B of existing debt and issued notices to redeem additional notes totaling about $3.9B and €1.4B, covering maturities between 2027 and 2030. Financing Facilities: Honeywell also secured a $6B term loan facility due March 31, 2026, along with new revolving credit facilities including a $3B 364-day facility and a $4B five-year facility to support refinancing and transaction liquidity. Aerospace Capital Structure: Following the separation, Honeywell Aerospace is expected to operate with $4B in credit facilities ($3B five-year and $1B 364-day), establishing an independent capital structure for the spun-off business. March 10, 2026: Honeywell announced that Honeywell Aerospace Inc. priced $11B in senior notes maturing between 2028 and 2066 as part of financing for the planned spin-off. Proceeds from the new money notes will fund a cash distribution to Honeywell and spin-off-related costs, while exchange notes will settle certain existing debt obligations. Honeywell will guarantee the notes until the separation is completed. April 1, 2026: Honeywell announced dates for its upcoming investor days ahead of the planned separation of Honeywell Aerospace, expected to be completed in the third quarter of 2026. Honeywell Aerospace, which will trade on the Nasdaq under the ticker "HONA", will host a live webcast of its inaugural investor conference in Phoenix, Arizona on Wednesday, June 3, 2026. Honeywell will then host a live video webcast of its 2026 investor conference in New York City on Thursday, June 11, 2026 for the automation business. April 23, 2026: Honeywell International has updated the timing for the spin-off of its Aerospace business, now expected to be completed on June 29, 2026, marking a key milestone in its portfolio transformation. The standalone aerospace entity will trade on Nasdaq under the ticker HONA. Ahead of the separation, the company has scheduled dedicated investor events, including an Aerospace investor day on June 3, 2026 in Phoenix and an Automation business investor day on June 11, 2026 in New York, to outline the strategy and outlook for both businesses. Honeywell International has updated the timing for the spin-off of its Aerospace business, now expected to be completed on June 29, 2026, marking a key milestone in its portfolio transformation. The standalone aerospace entity will trade on Nasdaq under the ticker HONA. Ahead of the separation, the company has scheduled dedicated investor events, including an Aerospace investor day on June 3, 2026 in Phoenix and an Automation business investor day on June 11, 2026 in New York, to outline the strategy and outlook for both businesses. April 28, 2026: Honeywell Announces Board of Directors for Honeywell Aerospace Craig Arnold will lead the 11-person Board as Independent Chair. Jim Currier, President and CEO of Honeywell Aerospace, will join the Board alongside a distinguished group of directors. Honeywell's spin-off of Honeywell Aerospace is expected to be completed on June 29, 2026 Management will detail Honeywell Aerospace’s strategy and outlook at its June 3, 2026, Investor Day. June 1, 2026: Honeywell (HON) unveiled the new brand identities for its two future standalone companies, Honeywell Technologies and Honeywell Aerospace, ahead of the planned June 29, 2026 spin-off of its Aerospace business. Honeywell Technologies will retain the "HON" ticker and focus on industrial automation, software, and autonomy solutions, while Honeywell Aerospace will trade under the ticker "HONA" and operate as a pure-play aerospace supplier focused on aviation technologies, electrification, and autonomous flight. Honeywell said both companies will build on the Honeywell brand, which it estimates is valued at approximately $18 billion, while pursuing distinct growth strategies as independent public companies. Additional details on the standalone businesses will be provided during Honeywell Aerospace's Investor Day on June 3 and Honeywell Technologies' Investor Day on June 11. June 3, 2026: Honeywell Aerospace hosts an Investor Day in Phoenix, Arizona ahead of its planned spin-off from Honeywell. Investor Presentation June 5, 2026: Honeywell set June 15, 2026, as the record date for the Aerospace spin-off. Shareholders will receive 1 HONA share for every 2 HON shares, with distribution expected on June 29, 2026. • Honeywell Aerospace (HONA) is expected to begin regular-way trading on Nasdaq on June 29. Honeywell Technologies ($HON) will remain the parent company and continue trading under the HON ticker. • HONAV when-issued trading is expected to begin around June 15, while HONIV will trade ex-distribution from June 15 through June 26. • The spin-off is expected to be tax-free for U.S. shareholders, except for cash received in lieu of fractional shares. • Honeywell also confirmed a 1-for-2 reverse stock split effective immediately after the spin-off, reducing shares outstanding from approximately 634M to 317M and authorized shares from 2B to 1B, while retaining the HON ticker. Equity awards and benefit-plan share units will be adjusted accordingly. June 8, 2026: Honeywell Aerospace filed Amendment No. 2 to its Form 10, updating its information statement with finalized separation terms, trading mechanics, and post-spin capital structure details. The filing also reflects Honeywell's approval of the planned reverse stock split following the separation. June 8, 2026: Honeywell reaffirmed its 2026 outlook ahead of the planned Aerospace separation and provided the first standalone guidance for Honeywell Technologies, the post-spin company. Honeywell Technologies expects $19.9B–$20.2B in 2026 sales, 2%–3% organic growth, 19.8%–20.3% segment margins, $3.95–$4.15 adjusted EPS, and approximately $2.0B in free cash flow. The outlook reflects the planned divestitures of PSS and Warehouse & Workflow Solutions, the expected acquisition of Johnson Matthey Catalyst Technologies, and the exclusion of Quantinuum results following its IPO. June 11, 2026: Ahead of the June 29 Aerospace spin-off, Honeywell hosted an Investor Day for Honeywell Technologies, outlining its strategy as a pure-play automation company. Management introduced a new growth framework targeting 4%–6% annual organic growth, more than 60 basis points of annual margin expansion, over 10% annual earnings growth, and more than 90% free cash flow conversion over the next three years. June 15, 2026: Honeywell announced that its Board of Directors has formally approved the planned spin-off of Honeywell Aerospace which remains on track for completion on June 29, 2026. June 29, 2026: Honeywell Technologies completed the spin-off of Honeywell Aerospace (HONA). HONA begins regular-way trading on Nasdaq today, with shareholders receiving 1 HONA share for every 2 HON shares held as of June 15, 2026. Honeywell also completed a 1-for-2 reverse stock split. (Presentation) July 8, 2026: Honeywell Technologies updated its 2026 guidance to reflect the impact of its 1-for-2 reverse stock split, which became effective June 29, 2026, ahead of its planned separation. The reverse split reduced outstanding common shares from approximately 634 million to 317 million, resulting in adjusted earnings per share guidance doubling to $7.90–$8.30 for the full year and $4.40–$4.70 for the second half of 2026. The company said the change in second-half operating cash flow guidance reflects updated estimates for capital expenditures and spin-off and separation-related costs. July 23, 2026: Honeywell Technologies reported its first quarterly results as a standalone company following the June 29 spin-off of Honeywell Aerospace, with orders rising 16% and backlog reaching ~$20 billion. The company raised its 2026 organic growth, segment margin and adjusted EPS guidance, driven by strong demand in Building Automation and Process Automation. Meanwhile, newly independent Honeywell Aerospace reported 5% organic sales growth in the former Aerospace Technologies segment, led by 17% growth in commercial aviation OEM sales and 7% growth in commercial aftermarket sales, and is scheduled to report its first standalone quarterly results on August 5. Honeywell Investor Relations
Spinoff Snapshot Parent: Honeywell is separating its Aerospace business into an independent public company. SpinCo: Honeywell Aerospace (Nasdaq: HONA), a pure-play aerospace supplier with leading positions in avionics, propulsion, navigation, auxiliary power, and flight systems. Honeywell Retains: Honeywell Technologies (HON), focused on industrial automation, software, AI, sensing, safety, and autonomy solutions. Honeywell Aerospace Receives: The Aerospace business, which generated approximately $15B of revenue in 2024 and consists of three segments: Electronic Solutions, Engines & Power Systems, and Control Systems. Management: Jim Currier will serve as CEO and Craig Arnold as Chairman. Debt: Honeywell Aerospace raised $11B in senior notes, launched up to $16B of debt financing, and will operate with $4B of committed credit facilities following separation. Structure: Tax-free spin-off expected to be completed on June 29, 2026. Honeywell Aerospace will trade under the ticker HONA. Pre-Spin Performance: Honeywell Aerospace generated approximately $15B of revenue in 2024 and is one of the largest aerospace suppliers serving commercial aviation, defense, and space markets.
Key Dates Record date: June 15, 2026 Distribution Date: June 29, 2026. When-issued trading under HONAV around June 15 Ex-distribution basis under HONIV from June 15 through June 26 Resources February 6, 2025: Portfolio Update: Separation of Automation and Aerospace | |||||||||||||||
| detail | Harsco Environmental and Rail (Renamed Enviri Corporation) | 11/21/2025 | N/A | ||||||||||||
Total Shares Traded Since Spinoff:
Enviri Corporation, spinoff details:
24,844,363 (88.73%) Enviri entered a definitive agreement to sell Clean Earth to Veolia for $3.04 billion and to spin off Harsco Environmental and Rail into a standalone public company (“New Enviri”). The Boards of Enviri and Veolia have unanimously approved the transaction. Closing is expected mid-2026, subject to shareholder and regulatory approvals.
March 20, 2026: Enviri Corporation announced it has filed an initial Form 10 with the SEC for the planned spin-off of its Harsco Environmental and Rail businesses into a standalone public company, “New Enviri.” The spin-off is expected to occur in mid-2026, just before the closing of the previously announced sale of the Clean Earth division to Veolia, subject to shareholder approval and customary conditions. New Enviri plans to list on the NYSE under the ticker “NVRI,” with further details to be provided in subsequent SEC filings. May 4, 2026: Enviri Corporation shareholders approved the sale of its Clean Earth division to Veolia Environnement S.A., with ~99.54% voting in favor. Prior to closing, Enviri will spin off its Harsco Environmental and Harsco Rail businesses into a new entity (“New Enviri”), with both transactions targeted for mid-2026. New Enviri: Will focus on environmental services for the metals industry and rail equipment/services, with expected 2026 pro forma revenue of ~$1.2B and a conservative balance sheet (~2.0x net debt/EBITDA), alongside growth potential from operational improvements and end-market recovery. May 11, 2026: Enviri Corporation announced that the previously disclosed spin-off of its Harsco Environmental and Harsco Rail segments is expected to become effective on June 1, 2026. The spun-off company, currently named Enviri II Corporation and expected to be renamed Enviri Corporation following the transaction, plans to list on the NYSE under the ticker symbol “NVRI.” Enviri stockholders will receive one share of New Enviri common stock for every three shares of CE Holdings common stock held following the holding company merger. The company also noted that the SEC declared the Form 10 registration statement effective on May 8, 2026. May 20, 2026: Enviri expects to complete the sale of Clean Earth to and the spin-off of Harsco Environmental and Rail on June 1, 2026. Existing shareholders are expected to receive $15 per share in cash, after debt repayment and transaction costs, along with 1 share of the newly separated Enviri for every 3 shares currently held. “When Issued” trading for Enviri II is set to begin May 27 under ticker “NVRI WI,” while regular-way trading for the new standalone Enviri Corporation under ticker “NVRI” is expected to begin June 2. June 1, 2026: Enviri completed the spin-off of its Harsco Environmental and Harsco Rail businesses into Enviri II Corporation, which will begin regular-way trading on the NYSE under the ticker NVRI on June 2, 2026, and be renamed Enviri Corporation. The separation was completed immediately before the sale of Clean Earth to Veolia, with shareholders receiving one NVRI share for every three Enviri shares held, plus $15.00 per share in cash.
Spin-Off Snapshot Parent: Enviri Corporation sold its Clean Earth business to Veolia. Spin-Off: Enviri spun off its Harsco Environmental and Harsco Rail businesses into a standalone company, now called Enviri Corporation (NYSE: NVRI). Shareholder Distribution: Shareholders received $15.00 per share in cash and 1 NVRI share for every 3 Enviri shares held. Post Spinoff - What NVRI Owns: Harsco Environmental and Harsco Rail. Reason: To separate the environmental and rail businesses from Clean Earth, simplify the company structure, reduce debt, and create a focused standalone business. Debt Structure: Enviri used proceeds from the Clean Earth sale to repay approximately $1.35 billion of debt, while NVRI launched with a targeted 2.0x net debt-to-Adjusted EBITDA leverage ratio and an undrawn revolving credit facility. Enviri Investor Relations
Resources March 20, 2026: Form 10-12B | |||||||||||||||
| detail | FedEx Freight | 12/19/2024 | FDX | ||||||||||||
Total Shares Traded Since Spinoff:
FedEx Corp., spinoff details:
71,242,171 (47.85%)
On December 19, 2024, FedEx Corp. announced that its Board of Directors has concluded a comprehensive assessment of the role of FedEx Freight as part of its portfolio and has decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The separation is expected to be achieved in a tax-efficient manner for FedEx stockholders and executed within the next 18 months. FedEx Corp. Investor Relations On December 19, 2024, FedEx Corp. announced that its Board of Directors has concluded a comprehensive assessment of the role of FedEx Freight as part of its portfolio and has decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The separation is expected to be achieved in a tax-efficient manner for FedEx stockholders and executed within the next 18 months. Update(s): January 17, 2025: FedEx Corporation announced that Lance Moll, president of FedEx Freight, will retire after 33 years with the company. He will remain in his role until January 31, then transition to an executive advisor position until July 31. Following Moll's departure, the FedEx Freight team will report to Smith, who will oversee the separation of FedEx and FedEx Freight into two public companies, set to be completed within 18 months. May 19, 2025: FedEx has named longtime executive John Smith as CEO of its freight trucking spinoff, FedEx Freight. Smith, currently Chief Operating Officer for the company's U.S. and Canada operations, brings over 25 years of experience with FedEx. He was CEO of the FedEx Freight business between 2018 and 2021. June 25, 2025: Ahead of its planned spin-off next spring, FedEx named key leaders for the standalone company:
September 18, 2025: FedEx said its planned spin-off of FedEx Freight is progressing and remains on track for a tax-efficient separation by June 2026. After the split, FedEx Freight will trade on the NYSE under the ticker “FDXF.” October 6, 2025: Marshall Witt, formerly the chief financial officer of TD SYNNEX, a global IT distributor and solutions provider, has been appointed senior vice president and chief financial officer of FedEx Freight, effective October 15. January 16, 2026: FedEx announces filing of Form 10 Registration Statement for planned spin-off of FedEx Freight. Separation is on track for completion on June 1, 2026. January 27, 2026: FedEx Freight Holding Co. raised $3.7 billion in its debut investment-grade bond sale, ahead of its planned June 1 spinoff from FedEx Corp. April 8, 2026: FedEx Freight hosted its inaugural investor day ahead of its planned spinoff from FedEx Corporation, outlining its strategy as a standalone company focused on network efficiency, technology investments and disciplined capital allocation. The company also introduced a medium-term outlook targeting 4% to 6% revenue growth and 10% to 12% operating income growth, with annual free cash flow expected to exceed $1 billion. (Presentation) April 13, 2026: FedEx Corporation Chief Financial Officer John Dietrich will step down following the completion of the company’s planned freight spinoff. He will leave the CFO role on June 1 and depart the company on July 31. Claude Russ, enterprise vice president of finance, has been named interim CFO while the company conducts a comprehensive internal and external search for a successor. May 13, 2026: FedEx announced that its Board of Directors approved the previously announced separation of its freight business, with the board declaring a pro rata dividend of 80.1% of the outstanding shares of FedEx Freight common stock to FedEx shareholders of record as of May 15, 2026. Following the separation, FedEx Freight is expected to begin trading on the NYSE on June 1, 2026, under the ticker symbol “FDXF.” Distribution Ratio and Retained Stake FedEx shareholders will receive one share of FedEx Freight common stock for every two shares of FedEx common stock held on the record date, with cash paid in lieu of fractional shares. FedEx will retain a 19.9% stake in FedEx Freight following the separation and expects to dispose of the remaining interest within 24 months through debt repayment exchanges, shareholder distributions, or share exchanges. The distribution is expected to qualify as tax-free for U.S. federal income tax purposes. Trading Structure Ahead of Separation: Between May 27 and May 29, 2026, FedEx common stock is expected to trade in both “regular-way” and “ex-distribution” markets on the NYSE. Regular-way shares trading under “FDX” will include entitlement to receive FedEx Freight shares, while shares trading under “FDX WI” will trade without such entitlement. Entitlements to receive FedEx Freight shares are also expected to trade on a when-issued basis under the symbol “FDXF WI” through May 29, 2026. FedEx Freight to Pay $4.1 Billion Cash Dividend In connection with the separation, FedEx Freight plans to pay an approximately $4.1 billion cash dividend to FedEx before the spin-off closes. The payment will be funded through proceeds from its previously completed $3.7 billion senior notes offering and borrowings under a delayed-draw term loan facility. FedEx to Redeem €354.9 Million Notes Due 2031 Separately, FedEx announced plans to redeem all €354.878 million aggregate principal amount of its 1.300% notes due 2031 on May 28, 2026. The redemption price will equal the greater of 100% of principal or the present value of remaining scheduled payments through the May 5, 2031 par call date, plus accrued and unpaid interest. June 1, 2026: FedEx completed the spin-off of FedEx Freight, which began trading on the NYSE under the ticker FDXF on June 1, 2026. The separation was effected through the distribution of 80.1% of FedEx Freight's outstanding shares, with FedEx shareholders receiving one FDXF share for every two FDX shares held as of May 15, 2026. FedEx retained a 19.9% stake in FedEx Freight and plans to dispose of those shares within 24 months through debt exchanges, dividends, or share exchanges. The transaction establishes FedEx Freight as an independent, publicly traded leader in the North American less-than-truckload (LTL) market, while FedEx continues to trade under the ticker FDX. June 8, 2026: FedEx increased its annual dividend rate by 5% following the FedEx Freight spin-off, resulting in a transition-period annualized dividend of $4.88 per share through December 31, 2026. The company also declared a quarterly dividend of $1.22 per share, payable on July 7, 2026, to shareholders of record on June 22, 2026. Spinoff Snapshot Parent: FedEx separated its FedEx Freight business into an independent public company. SpinCo: FedEx Freight (FDXF), the largest North American less-than-truckload (LTL) carrier. FedEx Retains: Express, Ground, Services, and broader transportation and logistics operations. FDXF Receives: The entire FedEx Freight business and LTL network. Distribution: Shareholders received 1 FDXF share for every 2 FDX shares held on May 15, 2026. Ownership: FedEx distributed 80.1% of FDXF and retained a 19.9% stake, which it plans to dispose of within 24 months. Debt: FDXF raised $3.7B in bonds and paid an approximately $4.1B dividend to FedEx before separation. Management: John Smith became CEO of FedEx Freight; Marshall Witt was appointed CFO. Pre-Spin Performance: FDXF targets 4%-6% revenue growth, 10%-12% operating income growth, and annual free cash flow exceeding $1B.
FedEx Corp. Investor Relations Resources January 2026: Form 10-12B | |||||||||||||||