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Takeaways from the Key Takeaways
- Honeywell International, who announced last month its plans to split into three independent businesses, announced Tuesday that David Sewell has been named CEO of the advanced materials business.
- Sewell’s role starts immediately. He was previously the CEO of WestRock Company which was acquired by Smurfit Kappa, a Dublin-based company.
- The conglomerate announced that the advanced materials unit will be spun off by 2025 or 2026 and renamed Solstice Advanced Materials with a headquarters in Morris Plains, New Jersey.
Honeywell International, which announced last month its intention to split into 3 independent companies, has announced that David Sewell will be the CEO of their advanced materials business.
Sewell, who takes up his new role immediately, was the former CEO of WestRock Company (a paper and packaging company), which was taken over Smurfit Kappa in Dublin.
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. Honeywell reported that the unit had a revenue of almost $4 billion last year.
Honeywell has also appointed Rajeev Gatam as the non-executive chair of the board, with the position taking effect once Solstice Advanced Materials has been spun off. Gautam retired from Honeywell in 2021, but was previously the CEO of its performance materials and technologies division.
Honeywell shares have not changed much in premarket trading, and they have gained 5% in value over the past year.
