Honeywell International unveiled plans Tuesday to spin off its advanced materials division.The detailsThe business could be worth more than $10 billion as a separately traded public company, according to people familiar with the matter.

Honeywell's (NASDAQ:HON) plan to spin off its advanced materials will create a cleaner business focused on three megatrends, according to a Jefferies analyst. The company expects to execute the planned separation in a tax-free manner to its shareowners,

Honeywell plans to spin off its advanced materials division into a separate publicly traded company by 2026, creating opportunities for growth and financial flexibility.