The deal grants Honeywell increased access to the rapidly expanding packaging market, which was worth $2.4bn in 2007 according to FriedlNet and Partners.
In turn Haishun gains access to Aclar to improve the quality of its products and will also receive technical services and training from Honeywell.
Weir Lin, general manager of Haishun, said: "Honeywell has years of experience in technology innovation and offers market advantages in the area of specialty films.
"Our agreement with Honeywell will upgrade the technology and quality level of our products, and allow us to promote new moisture-barrier packing materials to pharmaceutical manufacturers in China."
Honeywell promotes Aclar as being clear, chemical-resistant, non-flammable, biochemically inert and free from plasticisers and stabilisers. These traits are coupled to its effectiveness as a moisture barrier.
Aclar has been used in a range of applications from blister packaging to overwraps and pouches, with the products flexible variant proving particular suitable for the latter uses.
Like many other companies Honeywell has been trying to establish a presence in China and Asia-Pacific, with the opening of its technology centre in Shanghai intended to achieve this.
However, Haishun will receive Aclar that has been manufactured at Honeywell’s plant in Pottsville, Pennsylvania.