Honeywell International recently announced its plans to divide into three independent companies. David Sewell has been appointed as the CEO of the advanced materials business within the conglomerate. Sewell, who previously served as the CEO of WestRock Company, will lead the advanced materials unit, which is expected to be spun off by late 2025 or early 2026. The new entity will be renamed Solstice Advanced Materials and will be headquartered in Morris Plains, New Jersey. This move marks a strategic shift for Honeywell toward a more focused and sustainable business model.

Additionally, Honeywell has appointed Rajeev Gautam as the non-executive chairman of the board of directors for Solstice Advanced Materials. Gautam, who retired in 2021, has a background in leading Honeywell's performance materials and technologies business. Honeywell's shares have shown stable performance in premarket trading, with a modest 5% increase in value over the past year.