Honeywell Specialty Materials

Honeywell Specialty Materials has been transformed from a laggard to leader in the past four years. The company has overhauled its portfolio, restored margins, improved growth prospects, and lifted its share of overseas sales. The $4.6-billion/year chemical unit of $32-billion conglomerate Honeywell International has, since 2002, sold or exited businesses with combined total revenues of $1.7 billion—about the same combined total revenues of businesses that it has acquired. Honeywell has exited markets by divesting its once-core polyester, nylon fiber, and...

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