International.
Honeywell announced its intention to spin off its resin and chemical business into an independent public company called AdvanSix Inc.
Honeywell will shortly file Form 10, related to the transaction with the Securities and Exchange Commission. Completion of the transaction is expected to occur in early 2017 and is subject to certain customary conditions, including, but not limited to, the assurance that the AdvanSix division is tax-free from Honeywell shareholders, the effectiveness of applicable notices to the U.S. Securities and Exchange Commission, and the final approval of Honeywell's Board of Directors.
"Our $1.3 billion resin and chemical business enjoys a leading position in the industries it serves and a global cost advantage. Its favorable position will continue to achieve global growth as an independent company, with greater flexibility to make capital investments that enhance its offering and service to customers," said Honeywell President and CEO Dave Costa.
Upon completion of the spin-off, AdvanSix will be an independent, global manufacturer of Nylon 6, a polymer resin used to produce plastics, fibers, filaments, and films that, in turn, are used in end products such as automotive and electronic components, carpets, sportswear, fishing nets, food and industrial packaging. AdvanSix also produces Sulf-N ® ammonium sulfate fertilizers and chemical intermediates, including phenol, acetone and Nadone® cyclohexanone, and is the largest single-site producer of caprolactam.
