12 May 2016
ABOUT HONEYWELL
ABOUT HONEYWELL CHEMICALS, SPECIALTY MATERIALS
DETAILS
Honeywell (NYSE: HON) announced today
its intention to spin off
its Resins and Chemicals business
into a standalone, publicly- traded company named
AdvanSix Inc.
Honeywell will file a Form 10 relating to the transaction
with the Securities and Exchange Commission shortly.
Completion of the transaction
is expected to occur by early 2017 and
is subject to certain customary conditions, including,
among others, assurance that the spin-off of AdvanSix
will be tax-free to Honeywell shareowners,
the effectiveness of appropriate filings
with the U.S. Securities and Exchange Commission,
and final approval by Honeywell’s Board of Directors.
There is no impact to financial guidance at this time.
Upon completion of the spin-off,
AdvanSix
will be an independent, global, leading manufacturer of
a polymer resin used to produce
and films that, in turn, are used
in end products such as
* automotive and electronic components,
* carpets, sports apparel, fishing nets, and
AdvanSix also produces
ammonium sulfate fertilizers
and chemical intermediates, including
and is the largest single-site producer of caprolactam.
Erin Kane will serve as
President and Chief Executive Officer of AdvanSix
upon completion of the transaction.
Kane currently serves as
Vice President and General Manager
of the Resins and Chemicals business,
a position she has held since October 2014.
Honeywell Chairman and CEO
“Our $1.3 billion Resins and Chemicals business
enjoys a leading position in the industries it serves
and a global cost advantage.
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,”
“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.”
READ MORE
Contacts:
Media
Robert C. Ferris
(973) 455-3388
rob.ferris@honeywell.com
Investor Relations
Mark Macaluso
(973) 455-2222
mark.macaluso@honeywell.com
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