Honeywell to Spin Off Nylon 6 & Chemicals Business
Transaction of spin-off company 'AdvanSix' to be completed by early 2017.
Honeywell, Morris Plains, N.J., is underway to spinning off its Resins and Chemicals business—consisting of nylon 6, caprolactum, phenol, cyclohexane and other chemical intermediaries, into a standalone, publicly-traded company named AdvanSix. The company is soon filing a Form 10 with the Securities and Exchange Commission regarding the transaction. According to Honeywell chairman and CEO Dave Cote, the $1.3-billion Resins and Chemicals business enjoys a leading position in the industries it serves, including engineered plastics, films, fibers and filaments used in end-products ranging from automotive and electronic components, to food and industrial packaging, and more. “It is favorably positioned to continue to achieve global growth as a standalone enterprise, with added flexibility to make capital investments that enhance its offering and service to customers,” he said.
Erin Kane will serve as president and CEO of AdvanSix, upon the transaction’s completion expected by early 2017. Since 2014, Kane has served as v.p. and general manager of the Resins and Chemicals business. She joined Honeywell in 2002 and has held numerous marketing, management, and business director roles within this business unit and other Honeywell businesses. Prior to that, Kane held Six Sigma and process engineering positions at Elementis Specialties and Kvaerner Process. Said Cote, “Erin is uniquely qualified to lead the new independent company. She has extensive experience in managing the global Resins and Chemicals business, having served in a number of business roles with increasing responsibility over the last eight years. As head of the business over the last two years, she helped the business expand its product portfolio while maintaining the operational and cost advantages it enjoys.”
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