Honeywell completes Solstice spin-off

USA: Honeywell has completed the previously announced spin-off of its Advanced Materials business, now operating as Solstice Advanced Materials. 

Honeywell first announced its spin-off plans, which includes its Solstice refrigerants, into an independent, US publicly-traded company in October last year.

The new company, described as a pure-play specialty materials company, will comprise its Electronic & Speciality Materials, and Refrigerants & Applied Solutions (RAS) segments. It will be supported by more than 3,900 employees, 21 manufacturing sites, and four R&D sites.

“The completion of this spin-off marks a major advancement in Honeywell’s transformation to become three independent, industry-leading companies with distinct strategies and growth drivers,” said Honeywell chairman and CEO Vimal Kapur]. 

“It reflects disciplined execution and reinforces our belief that a more focused portfolio will position Honeywell to deliver greater long-term value for shareowners and seize new opportunities to address modern challenges for our customers.”