Solstice Advanced Materials will operate as a publicly traded specialty chemicals and materials business focused on sustainability. In 2024, the business reported nearly $4 billion in revenue and includes technologies such as Solstice® hydrofluoroolefin (HFO) refrigerants.
Honeywell has named several executives to lead the new company. Dr. Rajeev Gautam will serve as non-executive Chairman of the Board of Directors upon completion of the spin. Gautam has over 40 years of experience at Honeywell, including past roles as President and CEO of Honeywell Performance Materials and Technologies and President of Honeywell UOP.
David Sewell takes over as President and CEO of the Advanced Materials business effective immediately and is expected to continue in this role after the spin. Sewell previously led WestRock Company as CEO and held leadership roles at Sherwin-Williams and General Electric's Plastics and Advanced Materials Division.
Tina Pierce will assume the role of Chief Financial Officer on May 1, 2025. She currently serves as Vice President and CFO of Honeywell Industrial Automation and has over 25 years of financial leadership experience at Honeywell, including in the Performance Materials and Technologies segment.
Jeff Dormo and Simon Mawson will become Senior Vice Presidents and General Managers of Solstice Advanced Materials’ two business segments. Both currently lead units within Honeywell Advanced Materials and bring industry experience in chemicals and specialty materials.
Vimal Kapur, Chairman and CEO of Honeywell, said, “We are pleased to have this accomplished team lead Solstice Advanced Materials, and I have incredible confidence in their ability to innovate and grow the business moving forward.”
Solstice Advanced Materials will maintain its manufacturing footprint and R&D presence globally, with teams in cities including Charlotte, Houston, Dublin, Shanghai, Tokyo, Bangalore, Bucharest, and Mexico City.
The spin-off of Solstice Advanced Materials is part of Honeywell’s broader portfolio optimization strategy. Since late 2023, the company has announced about $11 billion in acquisitions and plans to divest its Personal Protective Equipment business. Honeywell also plans to spin off its Aerospace Technologies business by the second half of 2026.
Related tags: HFO