Solstice Advanced Materials is a specialty chemicals and advanced materials company spun off from Honeywell in October 2025. Solstice operates two segments: Refrigerants & Applied Solutions (RAS, ~70% of FY25 net sales) and Electronic & Specialty Materials (ESM, ~30%). In RAS, Solstice makes low global warming potential HFO and HFC refrigerants for HVAC/R systems and automotive air conditioning, blowing agents for building and appliance insulation, high-barrier pharmaceutical packaging films (Aclar), and provides uranium hexafluoride conversion services to nuclear utilities through its ConverDyn joint venture — the only such facility in the U.S. In ESM, Solstice makes copper manganese and titanium sputtering targets for semiconductor fabrication, UHMWPE fibers (Spectra) for military and law enforcement armor, and high-purity lab chemicals under brands including Fluka and Hydranal. Solstice sells to industrial manufacturers, OEMs, and distributors across roughly 120 countries, with no single customer exceeding 10% of net sales. The business model relies on value-based pricing, reflecting the regulatory-driven or technically irreplaceable nature of its products — particularly HFO refrigerants, where composition patents and aftermarket distribution reinforce pricing power. Roughly half of refrigerant revenue comes from the aftermarket, which carries higher margins. Multi-year contracts with fixed pricing provide revenue visibility, and nuclear contracts extend through 2030. Key growth drivers include the ongoing HFC-to-HFO regulatory transition, rising nuclear power investment, AI-driven semiconductor and data center demand, and growing global defense budgets.