North Carolina, US – Honeywell’s advanced materials business will be given the name Solstice Advanced Materials after its spin-out. It includes the company’s portfolio of hydrofluoroolefin refrigerants and blowing agents, which are sold under the brand name Solstice.
The tax-free spin-out to shareholders was announced last October, and is set to be completed in late 2025 or early 2026. The new company will be publicly traded, with its headquarters in Morris Plains, New Jersey, and additional sites in Charlotte and Houston in the US, plus Bangalore, Bucharest, Dublin, Mexico City, Shanghai and Tokyo. It generated nearly $4bn in revenue in 2024.
David Sewell is joining the business as president and CEO, a role he is expected to retain after the spin-out. He has worked in the chemical and materials industries for more than three decade, most recently as CEO of packaging specialist WestRock. His previous employers include Sherwin Williams and GE, and he is on the board of both Huntsman and the National Association of Manufacturers.
The CFO of the new company will be Tina Pierce, who is moving over from her CFO role at Honeywell Industrial Automation at the start of May. The two business units will be led by Jeff Dormo and Simon Mawson, both of whom currently lead business units within the business, and will be promoted to SVP and general manager.
Rajeev Gautam will be the company’s non-executive chairman. He retired in 2021, but prior to this was CEO of Honeywell Performance Materials and Technologies.
“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,” said Vimal Kapur, Honeywell’s chairman and CEO. “Rajeev’s 43-year career as a leader in Honeywell’s Process Technologies and Advanced Materials businesses combined with David’s experience overseeing a multi-year transformation strategy as CEO of a publicly traded company make them the ideal leaders.”
