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

Starboard Built a Stake in Solstice Advanced Materials and Pressed for About $100 Million of Cost Cuts:

HedgeCo.Net — Activist hedge fund Starboard Value has built a stake in Solstice Advanced Materials, the chemicals company Honeywell spun off last year, and is pressing management to cut costs and refocus the business. The Financial Times first reported the position, which it said makes Starboard one of Solstice’s top 10 shareholders with stock worth several hundred million dollars. Starboard chief executive Jeff Smith presented the case on Tuesd…

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

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 compa…