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Honeywell (HON) Stock Rises, Spinning off Nylon Chemicals Business

NEW YORK (TheStreet) -- Honeywell (HON - Get Report) stock is climbing by 0.47% to $114.65 in early-morning trading on Thursday, as the defense company plans to spin off its $1.3 billion resins and chemicals business by early 2017, creating a standalone, publicly traded company named AdvanSix.

AdvanSix will be a leading manufacturer of polymer resin used to engineer plastics, fibers, filaments and films.

The spinoff is expected to be tax-free to Honeywell shareholders and there is no impact to financial guidance.

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