Honeywell International Inc. plans to move its headquarters to Morris Plains, N.J. from Morris Township, N.J., where it has been based for more than 50 years.
The technology and manufacturing conglomerate said Tuesday that it will buy 40 acres of land and a 475,000-square foot building complex from a division of Johnson & Johnson. It expects to move to the site in 2015, subject to the approval of an application for state financial incentives.
Honeywell said it negotiated with officials in Morris Township for more than two years about incentives and zoning changes that would have encouraged it to stay but changed its mind because of delays and lawsuits.
The company said the move shouldn't affect its 2013 outlook.
Shares of Honeywell rose 22 cents to $69.17 in afternoon trading.