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 spin-off of their Advanced Materials business could potentially accelerate its organic growth and optimize their cost structures. See more here.

Honeywell shares are rising in premarket trading after the conglomerate said it plans to spin off its Advanced Materials division as it joins its peers in pursuing a more focused strategy.