Latest news with #SolsticeAdvancedMaterials
Yahoo
25-03-2025
- Business
- Yahoo
Honeywell Names Sewell as CEO of Advanced Materials Business
Honeywell International, which announced plans last month to split into three independent companies, said Tuesday it has named David Sewell as the CEO of its advanced materials business. Sewell, whose role begins immediately, was previously CEO of paper and packaging firm WestRock Company, which was taken over by Dublin-based Smurfit Kappa. The advanced materials unit, which is set to be spun out by late 2025 or early 2026, will be renamed Solstice Advanced Materials and headquartered in Morris Plains, New Jersey, the conglomerate International (HON), which announced plans last month to split into three independent companies, said Tuesday it has named David Sewell as the CEO of its advanced materials business. Sewell, whose role begins immediately, was previously CEO of paper and packaging firm WestRock Company, which was taken over by Dublin-based Smurfit Kappa. The advanced materials unit, which is set to be spun out by late 2025 or early 2026, will be renamed Solstice Advanced Materials and headquartered in Morris Plains, New Jersey, the conglomerate said. Solstice Advanced Materials will be a 'publicly traded, sustainability-focused, specialty chemicals and materials pure play,' Honeywell said. The unit recorded almost $4 billion in revenue last year, according to Honeywell. Honeywell also named Rajeev Gautam as non-executive chairman of the board of directors, with the role effective once Solstice Advanced Materials is spun off. Gautam retired in 2021 but was previously CEO of Honeywell's performance materials and technologies business. Honeywell shares are little changed in premarket trading and have gained around 5% of their value in the past 12 months. Read the original article on Investopedia
Reuters
25-03-2025
- Business
- Reuters
Honeywell appoints David Sewell to lead advanced materials unit ahead of spin-off
March 25 (Reuters) - Honeywell (HON.O), opens new tab said on Tuesday it has appointed David Sewell to lead its advanced materials business, which is set to be spun off into an independently listed company by late this year or early 2026. The industrial giant had announced the spin-off in October as it looked to simplify its business. The unit would be named Solstice Advanced Materials and focus exclusively on sustainable specialty chemicals and materials. Honeywell is also set to separate its aerospace and automation businesses, splitting one of America's last standing conglomerates into three independent firms. Sewell will join as the president and chief executive officer of the advanced materials business, effective immediately, and is expected to retain the title after the spin off is completed. He has more than 30 years of experience in the materials and chemicals industries and was most recently the CEO of packaging firm WestRock Company, which was acquired by Irish rival Smurfit Kappa in an $11 billion deal. Honeywell has also appointed insider Tina Pierce as the chief financial officer of the unit, effective May 1. She is also expected to retain the title after the spin-off. Pierce, who has worked at Honeywell for more than 25 years, is currently the CFO of its industrial automation segment. Separately, Rajeev Gautam has been selected as the non-executive chairman of the board, effective on completion of the spin. "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," said Honeywell CEO Vimal Kapur.
Yahoo
25-03-2025
- Business
- Yahoo
Honeywell appoints David Sewell to lead advanced materials unit ahead of spin-off
(Reuters) - Honeywell said on Tuesday it has appointed David Sewell to lead its advanced materials business, which is set to be spun off into an independently listed company by late this year or early 2026. The industrial giant had announced the spin-off in October as it looked to simplify its business. The unit would be named Solstice Advanced Materials and focus exclusively on sustainable specialty chemicals and materials. Honeywell is also set to separate its aerospace and automation businesses, splitting one of America's last standing conglomerates into three independent firms. Sewell will join as the president and chief executive officer of the advanced materials business, effective immediately, and is expected to retain the title after the spin off is completed. He has more than 30 years of experience in the materials and chemicals industries and was most recently the CEO of packaging firm WestRock Company, which was acquired by Irish rival Smurfit Kappa in an $11 billion deal. Honeywell has also appointed insider Tina Pierce as the chief financial officer of the unit, effective May 1. She is also expected to retain the title after the spin-off. Pierce, who has worked at Honeywell for more than 25 years, is currently the CFO of its industrial automation segment. Separately, Rajeev Gautam has been selected as the non-executive chairman of the board, effective on completion of the spin. "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," said Honeywell CEO Vimal Kapur. Solstice Advanced Materials will be headquartered in Morris Plains, New Jersey. Sign in to access your portfolio
