United States. Honeywell announced that its refrigerant business will be renamed Solstice Advanced Materials as part of its plan to become an independent, publicly traded company in the U.S.
The spin-off is expected to be completed between the end of 2025 and the beginning of 2026.
The new company will be headquartered in Morris Plains, New Jersey, and will have a presence in cities such as Charlotte, Houston, Dublin, Shanghai, Tokyo, Bangalore, Bucharest and Mexico City. In addition, it will maintain its global manufacturing and research and development infrastructure.
Solstice Advanced Materials' leadership will be headed by Dr. Rajeev Gautam, who will assume the role of chairman of the board in a non-executive position. David Sewell will serve as president and CEO, while Tina Pierce will take over as chief financial officer (CFO) effective May 1, 2025.
Sewell, with more than 30 years of experience in the materials and chemicals industry, has worked at companies such as WestRock Company, Sherwin-Williams, and General Electric. Pierce has held key roles at Honeywell for 25 years, leading finance across business units.
The company highlighted in a statement that its independence will allow for a more flexible and optimized investment strategy, leveraging its strong manufacturing base in the U.S.
In addition, Jeff Dormo and Simon Mawson will assume the leadership of the company's two business segments, as senior vice presidents and general managers.
With this restructuring, Honeywell seeks to consolidate its position in the market for advanced materials and refrigerants, strengthening its capacity for innovation and global expansion.
