Honeywell (HON) announced on Thursday that its board of directors has officially approved the spin-off plan for its advanced materials division, Solstice. The splitting process is proceeding as planned, with completion expected by October 30. Shareholders registered as of October 17 will receive one share of Solstice common stock for every four shares of Honeywell common stock they hold. Solstice common stock is expected to begin pre-trading on Nasdaq under the ticker “SOLSV” around October 20, with regular trading starting on October 30 under the ticker “SOLS.” The new company, Solstice, will focus on the specialty chemicals and materials sector, boasting leading technologies and top-tier brands, including Solstice hydrofluorocarbon technology. Last year, this division generated nearly $4 billion in revenue.