Honeywell progresses spin-off plans
23rd August 2025
USA: Honeywell has progressed plans to spin off its Advanced Materials business this year, filing its Form 10 registration statement and announcing its future board for the new Solstice business.
Filing marks latest milestone as the new Solstice Advanced Materials prepares to become a standalone public company in the fourth quarter of 2025.
Honeywell first announced its spin-off plans, which includes its Solstice refrigerants, into an independent, US publicly-traded company in October.
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.
Sales for the Solstice Advanced Materials sectors were $3.8bn in 2024. The RAS business, which, in addition to refrigerants, includes blowing agents, solvents and aerosol materials, was the larger of the two sectors with sales of $2.7bn.
In addition to the Form 10 registration, Honeywell has announced the future Solstice Advanced Materials’ board of directors. As previously announced Dr Rajeev Gautam, former President and CEO of Honeywell’s Performance Materials and Technologies (PMT) business, will lead the 10-person board as independent chair. The board will also include David Sewell as president and CEO.
Joining them will be Peter Gibbons, who recently served as group president of enterprise supply chain at 3M; Fiona Laird, chief human resources officer and senior vice president, communications at Marathon Petroleum Corporation; Rose Lee, recently retired president and CEO of Cornerstone Building Brands; William Oplinger, president and CEO of Alcoa Corporation; Sivasankaran “Soma” Somasundaram, president and CEO of ChampionX Corporation; Matthew Trerotola, recently retired as CEO and chair of Enovis Corporation; Patrick Ward, former CFO of Cummins Inc, who currently serves on the Boards of Flex Ltd and Corteva Inc; Brian Worrell, former chief financial officer of Baker Hughes and currently on the board of Ralliant Corporation in 2025.
Describing the Form 10 registration as a “milestone” for the new company, David Sewell said: “The end markets we serve are underpinned by attractive secular growth trends, including regulatory-driven sustainability transitions in cooling and building solutions and the proliferation of artificial intelligence and advanced computing.
“We look to harness these trends by focusing on customer-partnered innovation and high-return opportunities that strengthen our ability to serve customers, establish new differentiated technology platforms, and enhance our resilience through market cycles. We believe Solstice is well-positioned to unleash growth and unlock substantial long-term value for all stakeholders.”
Related stories:
Honeywell renames refrigerants business in spin-off – 25 March 2025
USA: Honeywell has renamed its refrigerants business Solstice Advanced Materials in a planned spin-off into an independent, US publicly-traded company. Read more…
Honeywell plans refrigerants spin off – 8 October 2024
USA: Honeywell plans to spin off its Advanced Materials business, which includes its Solstice refrigerants, into an independent, US publicly traded company. Read more…
