Honeywell to spin off Advanced Materials

In a move meant to sharpen its focus on businesses related to energy transition, the industrial conglomerate Honeywell plans to spin off its Advanced Materials business to shareholders. About 38% of the unit’s roughly $3.8 billion in annual sales comes from refrigerants like its low-global warming potential hydrofluoroolefins. The unit also makes Spectra ultra-high-molecular-weight polyethylene fibers, used in ballistic materials and other such applications. Other Advanced Materials products include electronic materials, pharmaceutical packaging, and uranium hexafluoride, of which it is the only US producer. Honeywell says Advanced Materials isn’t as connected to energy transition as its UOP chemical technology business, which is developing low-carbon chemical energy technologies. Honeywell expects to complete the Advanced Materials spin-off by early 2026. It spun off its AdvanSix nylon business to shareholders in 2016.