Honeywell recently announced that it is merging its Polymers and Specialty Chemicals businesses into one unit, an entity that will have $3.3 billion in annual sales, approximately 10,000 employees and more than 50 facilities around the world.

Dean M. Flatt, currently vice president and general manager of the company’s Aerospace Defense & Space Systems business, will be the new unit’s president. The consolidation will result in additional cost-saving opportunities as well as provide a stronger focus on the growth synergies between these businesses, the company says.