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    Starboard builds stake in Honeywell spin-off Solstice, seeks $100m in cost cuts

    The $8.2bn activist is now among Solstice Advanced Materials' ten biggest holders and wants lower overheads plus better delivery in refrigerants and nuclear, the Financial Times reported.

    HedgeWeekly Hedge Fund Desk ·

    Starboard Value has taken a position worth several hundred million dollars in Solstice Advanced Materials, making it one of the chemicals group's ten largest shareholders, the Financial Times reported on 20 October. The activist, which oversees $8.2bn, wants Solstice to strip about $100m out of corporate overhead.

    Beyond cost savings, Starboard is asking for stronger operational performance in the refrigerants and nuclear units. Solstice is one of very few companies outside Russia and China able to carry out the conversion step that comes before uranium enrichment, according to the FT, and Starboard believes rising electricity demand from AI, together with the 2028 US cut-off for Russian enriched uranium imports, gives that business room to grow.

    The approach comes after a bruising stretch for Solstice, which Honeywell spun off on 30 October 2025 and which trades on Nasdaq. In early July it agreed a $14.5bn cash-and-stock takeover of Element Solutions, but the two companies dropped the deal on 27 August following investor feedback, with no break fee payable by either side. The shares remain well below their spring high, and the company had a market value of about $9.6bn at Monday's close.

    Why it matters: Starboard founder and chief executive Jeff Smith was expected to talk about the position at the 13D Monitor Active-Passive Investor Summit on Tuesday. The campaign is another example of activists targeting recently separated companies that have stumbled, with nuclear fuel supply now part of the pitch to other shareholders.

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