Honeywell plans to sell off its resins business in the wake of a thwarted $90 billion takeover, according to an article from Bloomberg. The spun-off unit, which makes polymer resins used to engineer plastics, fibers and filaments, will be dubbed AdvanSix Inc. The acquisition of United Technologies Inc. reportedly would have been the largest industrial merger ever.
According to the article, shareholders will receive stock in the $1.3 billion business tax-free. Analyst Robert McCarthy of Stifel Nicolaus & Co. is quoted as saying the spinoff is a “prudent portfolio pruning” and is reflective of the continued evolution of Honeywell.
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