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Honeywell (HON) Declares Spin-Off Dividend of AdvanSix
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Honeywell International Inc. (HON - Free Report) recently declared a pro rata spin-off dividend of its divested entity AdvanSix. Each shareholder is entitled to receive a share of AdvanSix for every 25 shares of Honeywell on par value of $1.00 per share.
Earlier, Honeywell decided to spin-off its $1.3 billion resins and chemicals business into a standalone, publicly-traded company called AdvanSix. This move came two months after it backed out of a $90 billion blockbuster bid to buy rival giant United Technologies Corporation after facing resistance from the target, antitrust regulators and key clients. Post spin-off, AdvanSix will be a leading producer of Nylon 6, a polymer resin used to produce engineered plastics, filaments, fibers and films that are used in products such as automotive and electronic components, and also in food and industrial packaging.
Over the years, Honeywell has regularly fine-tuned its portfolio, having sold about 60 of its units (accounting for $7 billion in sales) since 2002 and acquiring another 90 companies contributing $14 billion in revenue over the same period. AdvanSix is likely to begin regular trading on the NYSE under the symbol, "ASIX" from Oct 3, 2016.
The company’s balanced mix of long- and short-cycle businesses, along with a decent organic growth in new products and expansion in high-growth regions augur well on a long-term perspective. With a flexible yet disciplined focus on cost and productivity, Honeywell remains focused on increasing its presence in high-growth regions. Population growth, urbanization and infrastructure development continue to create attractive opportunities across its entire portfolio. Additionally the company is building a robust pipeline of new products.
Based in Morris Township, NJ, Honeywell is a global diversified technology and manufacturing company with a wide range of aerospace products and services. The company is a global leader in refrigerants, aerosols, and foam-insulation blowing agents that are used to replace ozone-depleting Chlorofluorocarbon and Hydro Chlorofluorocarbons. These products also improve the energy efficiency of homes, appliances, and commercial refrigeration systems.
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Honeywell (HON) Declares Spin-Off Dividend of AdvanSix
Honeywell International Inc. (HON - Free Report) recently declared a pro rata spin-off dividend of its divested entity AdvanSix. Each shareholder is entitled to receive a share of AdvanSix for every 25 shares of Honeywell on par value of $1.00 per share.
Earlier, Honeywell decided to spin-off its $1.3 billion resins and chemicals business into a standalone, publicly-traded company called AdvanSix. This move came two months after it backed out of a $90 billion blockbuster bid to buy rival giant United Technologies Corporation after facing resistance from the target, antitrust regulators and key clients. Post spin-off, AdvanSix will be a leading producer of Nylon 6, a polymer resin used to produce engineered plastics, filaments, fibers and films that are used in products such as automotive and electronic components, and also in food and industrial packaging.
Over the years, Honeywell has regularly fine-tuned its portfolio, having sold about 60 of its units (accounting for $7 billion in sales) since 2002 and acquiring another 90 companies contributing $14 billion in revenue over the same period. AdvanSix is likely to begin regular trading on the NYSE under the symbol, "ASIX" from Oct 3, 2016.
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The company’s balanced mix of long- and short-cycle businesses, along with a decent organic growth in new products and expansion in high-growth regions augur well on a long-term perspective. With a flexible yet disciplined focus on cost and productivity, Honeywell remains focused on increasing its presence in high-growth regions. Population growth, urbanization and infrastructure development continue to create attractive opportunities across its entire portfolio. Additionally the company is building a robust pipeline of new products.
Based in Morris Township, NJ, Honeywell is a global diversified technology and manufacturing company with a wide range of aerospace products and services. The company is a global leader in refrigerants, aerosols, and foam-insulation blowing agents that are used to replace ozone-depleting Chlorofluorocarbon and Hydro Chlorofluorocarbons. These products also improve the energy efficiency of homes, appliances, and commercial refrigeration systems.
Honeywell currently carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the industry include CLARCOR Inc. and Crane Co. (CR - Free Report) , both carrying a Zacks Rank #2 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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