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CHARLOTTE - Honeywell (NASDAQ:HON), a $138 billion industrial conglomerate with $40 billion in annual revenue, has named the future 10-member Board of Directors for Solstice Advanced Materials, the specialty materials company set to be spun off in the fourth quarter of 2025.
Dr. Rajeev Gautam, former President and CEO of Honeywell’s Performance Materials and Technologies business, will serve as Independent Chair, while David Sewell will be President and CEO of the new entity.
The board includes executives with backgrounds in industrial, technology, chemicals, and materials sectors. Among the appointees are Peter Gibbons, former Group President of Enterprise Supply Chain at 3M; Fiona Laird, Chief Human Resources Officer at Marathon Petroleum; and Rose Lee, recently retired CEO of Cornerstone Building Brands.
Other board members include William Oplinger, President and CEO of Alcoa Corporation; Sivasankaran Somasundaram, former President and CEO of ChampionX; Matthew Trerotola, retired CEO of Enovis Corporation; Patrick Ward, former CFO of Cummins Inc.; and Brian Worrell, who previously served as CFO of Baker Hughes.
"This is an exceptional and strategically diversified group of directors, who will bring cross-sector insight and proven leadership," said Vimal Kapur, Chairman and CEO of Honeywell, in a press release statement.
Solstice Advanced Materials will focus on refrigerants, semiconductor materials, protective fibers, and healthcare packaging solutions following its separation from Honeywell.
The spin-off remains on schedule for completion in the fourth quarter of 2025, with the newly appointed board assuming its role upon finalization of the transaction.
In other recent news, Honeywell announced the filing of a Form 10 registration statement with the SEC for the planned spin-off of its Solstice Advanced Materials business, slated to become an independent public company by the fourth quarter of 2025. Meanwhile, Honeywell has acquired three utility platforms from SparkMeter to enhance its Smart Energy portfolio, including platforms like Praxis, GridScan, and GridFin. In financial developments, Resideo Technologies completed a $1.59 billion payment to Honeywell, ending all future obligations under their Indemnification and Reimbursement Agreement. Furthermore, Honeywell’s quantum computing venture, Quantinuum, is reportedly seeking a $10 billion valuation in a new fundraising round, a significant increase from its previous valuation. Despite Honeywell raising its 2025 revenue guidance, Jefferies has maintained its Hold rating on the company. These recent events indicate active strategic and financial maneuvers by Honeywell.
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