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Honeywell spinning off resins/chemical unit into stand-alone business
HOUSTON, May 12, 2016 (PCW) -- Honeywell Resins and Chemicals will be spun off from its parent company into a stand-alone publicly traded business, Honeywell spokesman Rob Ferris told PCW Thursday.
The new company will be called AdvanSix Inc. and will continue to produce nylon 6 resin, chemical intermediates and other products at three US plants.
"Nothing will change," Ferris said. "It will be the same business, just a stand-alone company." The plants are in Frankford, PA, (phenol and acetone); Hopewell, VA, (caprolactam and ammonium sulfate fertilizer); and Chesterfield, VA, (nylon 6).
Honeywell expects the spin-off to be completed in early 2017.
Nylon 6 is used in production of engineered plastics, fibers, filaments and films. These in turn are used in production of fishing nets, carpets, sports clothing, auto and electronics components, auto parts and other products. -- Xavier A. Cronin