New Developments! Honeywell Announces Leadership Team and Company Name for Advanced Materials Spin-off Business

The leadership team appointments include: Dr. Rajeev Gautam as Chairman of the Board, David Sewell as President and CEO, and Tina Pierce as Chief Financial Officer.

The independent company will be named Solstice Advanced Materials.

The independent company's headquarters is located in Morris Plains, New Jersey.

On March 25, Honeywell officially announced key progress in its plan to spin off its advanced materials business. This tax-free spin-off for shareholders is expected to be completed by the end of 2025 or early 2026, with the newly independent company named Solstice Advanced Materials, headquartered in Morris Plains, New Jersey.

As a publicly traded company focused on sustainable development in the specialty chemicals and materials sector, Solstice Advanced Materials achieved nearly $4 billion in revenue last year and will offer leading technologies with outstanding brands, including Solstice® Hydrofluoroolefin technology.

On the eve of the spin-off, Honeywell announced the leadership team members of the new company:

Dr. Rajeev Gautam will assume the role of Non-Executive Board Chairman upon completion of the spin-off. Gautam has over four decades of experience in the Process Technologies and Advanced Materials sectors at Honeywell. He previously served as President and CEO of Honeywell’s Performance Materials and Technologies (PMT) segment and President of Honeywell UOP. He is currently a member of NN Inc.’s board of directors.

David Sewell will serve as the President and CEO of the advanced materials business. He will retain this title in the new company following the completion of the spin-off. Sewell has over 30 years of experience in the materials and chemical industry, having previously served as President and CEO of WestRock. Prior to that, he was President and Chief Operating Officer of Sherwin Williams and worked for over 15 years in General Electric's plastics and advanced materials division. He is currently a board member of the National Association of Manufacturers and Hexion Inc.

Tina Pierce has been appointed Chief Financial Officer of the Advanced Materials business, effective May 1, 2025. It is expected that she will retain this title in the new company after the spin-off. Pierce currently serves as Vice President and CFO of Honeywell’s Industrial Automation segment. She has held the position of Global Chief Financial Officer for multiple major business units at Honeywell, with over 25 years of experience, including in the High Performance Materials and Technologies and Home and Building Technologies sectors. Previously, she served on the board of Garrett Motion Inc.

Jeff Dormo and Simon Mawson will be promoted to Senior Vice President and General Manager, leading the two business segments of Solstice Advanced Materials. They currently oversee the business units of Honeywell Advanced Materials, with extensive experience in chemicals and specialty materials, focusing on business growth and strengthening customer relationships.

Vimal Kapur, Chairman and CEO of Honeywell, stated: "We are delighted to have such an accomplished team leading Solstice Advanced Materials, and I am confident in their ability to innovate and grow the business. Rajeev's 43 years of leadership experience in Honeywell's Process Technologies and Advanced Materials segment, combined with David's experience as a CEO of a public company overseeing multiple transformational strategies, make them ideal leaders."

Kapur added, "With the revolutionary low global warming Solstice® technology and a reputation built on the next generation of chemical innovation, Solstice Advanced Materials is poised to become a leader in the specialty chemicals and materials market."

In addition to its New Jersey headquarters, Solstice Advanced Materials will establish operational teams in Charlotte, Houston, Dublin, Shanghai, Tokyo, Bangalore, Bucharest, and Mexico City. As an independent company, it will continue to maintain its global manufacturing network and multiple R&D facilities. Leveraging the advantages of localized manufacturing, the company will develop a more attractive portfolio and a flexible, optimized capital allocation strategy.

Honeywell Portfolio Optimization Process:

On October 8, 2024, Honeywell announced plans to spin off its advanced materials business into an independent publicly traded company in the United States. Following this announcement, on February 6, 2025, Honeywell announced the complete spin-off of its aerospace technology business, which is expected to be completed in the second half of 2026 on a tax-free basis for the benefit of Honeywell shareholders.

Since December 2023, Honeywell has announced a series of strategic actions to drive organic growth and simplify its portfolio. This includes approximately $11 billion in accretive acquisitions: the Security Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, Air Products & Chemicals' LNG business, and Sundyne. Additionally, an agreement has been reached to sell its personal protective equipment business, which is expected to be completed in the first half of 2025.

The article is translated by Specially Plastics Horizon from: honeywell.