Honeywell has completed two transactions with BASF in which Honeywell sold its engineering plastics business to BASF in exchange for BASF’s nylon fiber business and $90 million in cash.

For Honeywell, the transactions are the latest steps in the restructuring of its Specialty Materials business unit. The new combined business entity, Honeywell Nylon, is expected to yield annual sales of approximately $1 billion, the company says.

Honeywell Nylon will produce Anso and BASF's Zeftron carpet fiber brands, and will provide nylon fiber to the carpet fiber industry for commercial, automotive and residential end uses. In addition, it will manufacture textile nylon fiber -- including a diversified line of nylon yarns for apparel fabrics -- nylon for automotive headliner fabrics, and solution-dyed nylon for upholstery fabrics. The unit will also supply engineering resins and chemicals.