Honeywell has announced the leadership team and official name for its Advanced Materials business, which is set to become Solstice Advanced Materials following a planned tax-free spin-off targeted for completion by late 2025 or early 2026. The new company will be headquartered in Morris Plains, New Jersey, and operate as an independent entity.
Solstice Advanced Materials will have teams in multiple locations worldwide, including Charlotte, Houston, Dublin, Shanghai, Tokyo, Bangalore, Bucharest and Mexico City. It will retain its global manufacturing operations along with research and development sites. The company aims to maintain a strong domestic manufacturing presence to support future investment opportunities and allow greater flexibility in capital allocation.
“We are pleased to have this accomplished team lead Solstice Advanced Materials, and I have incredible confidence in their ability to innovate and grow the business moving forward,” said Vimal Kapur, Chairman and CEO of Honeywell. “Rajeev’s 43-year career as a leader in Honeywell’s Process Technologies and Advanced Materials businesses combined with David’s experience overseeing a multi-year transformation strategy as CEO of a publicly traded company make them the ideal leaders.”
Kapur added, “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.”
The announcement follows Honeywell’s broader portfolio optimization efforts. In October 2024, Honeywell outlined plans to spin off its Advanced Materials segment into an independent U.S.-listed company. Subsequently in February 2025, Honeywell announced it would fully separate its Aerospace Technologies business by the second half of 2026 through another tax-free process for shareholders.
Since December 2023, Honeywell has taken several strategic steps aimed at organic growth and simplifying its structure. These actions include acquiring several businesses totaling approximately $11 billion—such as Access Solutions from Carrier Global; Civitanavi Systems; CAES Systems; the LNG business from Air Products; and Sundyne. Additionally, Honeywell reached an agreement to divest its Personal Protective Equipment business with completion expected in the first half of 2025.
Honeywell operates across diverse industries globally with core focuses on automation technology solutions for industry sectors like aviation energy transition underpinned by platforms such as Honeywell Accelerator operating system and Honeywell Forge IoT platform. Its main segments include Aerospace Technologies, Industrial Automation, Building Automation and Energy & Sustainability Solutions.
The company notes that any statements about future activities—including those regarding spin-offs or other strategic initiatives—are subject to change based on various factors such as economic conditions or regulatory requirements.
