Honeywell to spin off Resins and Chemicals to shareowners
Honeywell will file a Form 10 relating to the transaction with the Securities and Exchange Commission (SEC) 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.
“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,” said Honeywell chairman and CEO, Dave Cote.
“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.” ■