Honeywell to spin off its resins and chemicals business
The new company, to be named AdvanSix Inc., will be spun off by early 2017.
Aerospace parts manufacturer Honeywell International Inc. is spinning off its resins and chemicals business into a new publicly traded company named AdvanSix Inc.
The resins and chemicals business is part of Honeywell’s advanced materials division, whose sales fell 10 per cent to US$3.51 billion in 2015.
The deal is scheduled to be completed in early 2017. Upon completion, AdvanSix will be an independent global manufacturer of nylon 6, which is used to make engineered plastics, fibres and filaments used in automotive and electronic components, and food and industrial packaging.
Erin Kane will be president and CEO of AdvanSix. She has been vice president and general manager of Honeywell’s resins and chemicals business since October 2014.
“Our $1.3 billion resins and chemicals business enjoys a leading position in the industries it serves and a global cost advantage,” said Honeywell chairman and CEO Dave Cote in a news release. “It is favorably positioned to continue to achieve global growth as a standalone enterprise, with added flexibility to make capital investments that enhance its offerings and service to customers.”
Honeywell is headquartered in Morris Plains, N.J.