Honeywell spins off resins and chemicals unit

Honeywell is to spin off its resins and chemicals business into a standalone publicly traded company called AdvanSix by early 2017. AdvanSix will be an independent manufacturer of nylon 6 (polycaprolactam), and will also produce ammonium sulfate fertilisers and chemical intermediates, including phenol, acetone, and cyclohexanone.

The firm is building a new nylon resins production line to expand capacity at its plant in Chesterfield, US, by 40,000 metric tons per year. Honeywell had been pursuing a merger with United Technologies earlier this year, but the deal fell apart amid antitrust concerns.