Honeywell to detach resins & chemicals biz as new co

The new company will be named Advansix. The spin-off is likely to occur by early 2017, subject to customary closing conditions and approvals.

Erin Kane, who currently serves as vice president and general manager of the resins and chemicals business, will be the president and chief executive of the new company.

Honeywell will file Form 10 with the Securities and Exchange Commission soon for the separation.

Commenting on the split, Dave Cote, chairman and CEO of the company said, “Following the spin-off, Honeywell and Advansix will each have a more focused business and be better positioned to invest more in growth opportunities and execute strategic plans best suited to its respective business.”

“The transaction will create added value for our shareowners, who will receive Advansix shares tax-free in addition to the Honeywell shares they already own,” he added.

The announcement did not affect the financial guidance in any way. (MCJ)

Fibre2Fashion News Desk - India