Honeywell announced that its advanced materials business will be named Solstice Advanced Materials following its planned tax-free spin-off to shareholders. The transition is expected to be completed by late 2025 or early 2026. The newly independent company will be headquartered in Morris Plains, New Jersey, and will operate as a publicly traded, sustainability-focused specialty chemicals and materials company.
With $4 billion in revenue last year, Solstice Advanced Materials will feature leading technologies and premier brands, including its well-known Solstice® hydrofluoroolefin (HFO) technology.
Key Leadership Appointments
Honeywell has confirmed several key executives who will lead Solstice Advanced Materials ahead of the spin-off:
- Dr. Rajeev Gautam – Non-Executive Chairman of the Board: Dr. Rajeev Gautam will serve as Non-Executive Chairman of the Board of Directors upon completion of the spin-off. With over four decades of experience at Honeywell, he previously served as President and CEO of Honeywell Performance Materials and Technologies (PMT) and President of Honeywell UOP. He currently sits on the board of directors of NN, Inc.
- David Sewell – President and CEO: Effective immediately, David Sewell has been appointed President and CEO of the Advanced Materials business. He will retain this role after the spin-off. Sewell has more than 30 years of experience in the materials and chemicals industries, having previously served as CEO of WestRock Company and President and COO of The Sherwin-Williams Company. He also spent over 15 years at General Electric in its Plastics and Advanced Materials Division. Sewell currently serves on the boards of the National Association of Manufacturers and Huntsman Corporation.
- Tina Pierce – Chief Financial Officer (CFO): Tina Pierce will become CFO of the Advanced Materials business, effective May 1, 2025. Solstice Advanced Materials expects her to retain this role. Pierce has over 25 years of experience at Honeywell, previously serving as CFO for multiple business segments, including Performance Materials and Technologies and Home and Building Technologies. She also served on the board of directors of Garrett Motion, Inc.
- Jeff Dormo and Simon Mawson – Senior Vice Presidents and General Managers: Jeff Dormo and Simon Mawson will lead Solstice Advanced Materials’ two business segments as Senior Vice Presidents and General Managers. Both currently hold leadership positions within Honeywell Advanced Materials and bring extensive experience in chemicals and specialty materials, focusing on business growth and customer relationships.
Driving Growth and Innovation
Honeywell Chairman and CEO Vimal Kapur commented, “We are pleased to have this accomplished team lead Solstice Advanced Materials. Rajeev’s 43-year career in Process Technologies and Advanced Materials at Honeywell, combined with David’s experience in transforming a publicly traded company, makes them the ideal leaders”.
Kapur added, “Solstice Advanced Materials has a strong legacy built on Solstice® low global warming technology. With next-generation chemistry advances, the company is well-positioned to lead in the specialty chemicals and materials market.”
Global Presence and Operational Strategy
Solstice Advanced Materials will establish its headquarters in Morris Plains, New Jersey, with global teams in major cities, including:
Charlotte, Houston, Dublin, Shanghai, Tokyo, Bangalore, Bucharest, and Mexico City.
The company will maintain its global manufacturing footprint and invest in additional R&D sites. Solstice Advanced Materials has a large-scale domestic manufacturing base. It aims to benefit from a strong investment profile and a flexible capital allocation strategy.
Honeywell’s Portfolio Optimization and Strategic Actions
Honeywell first announced its plan to spin off the Advanced Materials business on October 8, 2024. Then, on February 6, 2025, it announced the full separation of its Aerospace Technologies business. Honeywell expects to complete the separation in the second half of 2026. Both separations will be tax-free for shareholders.
Since December 2023, Honeywell has undertaken strategic actions to streamline its portfolio and drive organic growth. These include $11 billion in acquisitions, such as:
Access Solutions from Carrier Global
- Civitanavi Systems
- CAES Systems
- LNG business from Air Products
- Sundyne
Additionally, Honeywell has agreed to divest its Personal Protective Equipment business, with the transaction expected to close in the first half of 2025.
Looking Ahead
Solstice Advanced Materials has a seasoned leadership team, cutting-edge technologies, and a global operational presence. Solstice Advanced Materials is set to drive innovation and sustainability in the specialty chemicals and materials sector. As per the press release, the spin-off marks a significant step in Honeywell’s strategy to simplify its portfolio and maximize shareholder value.
