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Starboard targets $100m in cost cuts at Honeywell spin-off Solstice

Reported · Written up by our desk · Equity Funds

Activist hedge fund Starboard Value has built a substantial stake in Solstice Advanced Materials, pushing the Honeywell spin-off to cut $100m in costs and focus on its core businesses following the collapse of a proposed $14.5bn acquisition, according to a report by the Financial Times. Starboard, which manages $8.2bn, has accumulated several hundred million dollars' worth of shares in the US speciality chemicals group, making it one of the company's ten largest shareholders. The hedge fund is pressing Solstice to reduce corporate overheads and improve execution across its refrigerants and nuc

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