Honeywell to spin off AdvanSix this month

As rumored in April and confirmed in May, Honeywell is spinning off its resins and chemicals business, including its ammonia plant at Hopewell, VA.

However, in its latest announcement, Honeywell has moved the schedule up: to this month, from the originally announced early 2017. The date of record is this Friday, September 16th.

“Its board of directors has declared a pro rata dividend of AdvanSix common stock to be made effective at 11:59 p.m. EDT on October 1, 2016, to Honeywell’s shareowners of record as of 5:00 p.m. EDT on September 16, 2016, the record date.

Each Honeywell shareowner of record will receive a distribution of one share of AdvanSix common stock for every 25 shares of common stock, par value $1.00 per share, of Honeywell, that it holds on the record date …

On Monday, October 3 AdvanSix common stock will begin regular-way trading on the NYSE under the symbol, ‘ASIX.'”

You can read Honeywell’s full press release, or see my research note for its ammonia plant at Hopewell, VA.

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