Honeywell has renamed its Advanced Materials business changing it to Solstice Advanced Materials.
The company also announced a new executive leadership team.
As reported previously, Honeywell agreed to spin-off its refrigerant business to create a publicly traded company.
The spin-off, Solstice Advanced Materials, will be completed late 2025 or early 2026.
Solstice Advanced Materials will be a specialty chemicals and materials pure play. With nearly $4 billion in revenue last year, Solstice Advanced Materials will offer leading technologies with premier brands, including the Solstice hydrofluoroolefin technology.
Ahead of the planned spin-off, Honeywell has announced several members of the new company's leadership team:
- Dr. Rajeev Gautam has been selected to serve as non-executive chair of the Board of Directors, effective on completion of the spin. Gautam brings more than four decades of experience at Honeywell and prior to his retirement in 2021, he served as president and CEO of Honeywell Performance Materials and Technologies (PMT).
- David Sewell will join as president and CEO of the Advanced Materials business, effective immediately. He is expected to retain this title with the new company upon completion of the spin. Sewell brings more than 30 years of experience in the materials and chemicals industries, having most recently served as the president & CEO of WestRock Company.
- Tina Pierce has been named CFO of the Advanced Materials business, effective 1 May, 2025. She is expected to retain this title with the new company upon completion of the spin. Pierce is currently the VP & CFO of Honeywell Industrial Automation.
- Jeff Dormo and Simon Mawson will be promoted to lead Solstice Advanced Materials' two business segments, each taking on the role of senior VP and general manager. Both currently lead business units of Honeywell Advanced Materials and bring a significant range of experience in the chemicals and specialty materials industry, with a focus on business growth and strengthening customer relationships.
Honeywell chair & CEO, Vimal Kapur, expressed full confidence in the new leadership ream.
“With a trusted legacy built from its breakthrough low global warming Solstice technology and its next-generation chemistry advances, Solstice Advanced Materials is already well-positioned to be a leader in the specialty chemicals and materials market,” he said.
In addition to its headquarters in Morris Plains, New Jersey, Solstice Advanced Materials will have teams located in Charlotte, Houston, Dublin, Shanghai, Tokyo, Bangalore, Bucharest and Mexico City. The independent company will maintain its global manufacturing footprint along with additional R&D sites.