Deals
Honeywell Plans Resin Spinoff After Record M&A Bid Stymied
- Shareholders will receive stock in new business tax-free
- Analyst calls move a ‘prudent’ shift in company’s portfolio
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Honeywell International Inc., stymied in what would have been a record $90 billion takeover, now plans to spin off its resins business as Chief Executive Officer Dave Cote works to boost profit.
Shareholders will get stock in the $1.3 billion operation when the tax-free transaction is completed early next year, Honeywell said Thursday. The spun-off unit, which makes polymer resins used to engineer plastics, fibers and filaments, will be called AdvanSix Inc.