Honeywell, one of the last remaining U.S. industrial conglomerates, will split into three independent companies, following in the footsteps of manufacturing giants like General Electric and Alcoa.
The North Carolina company said Thursday that it will split off its automation and aerospace technologies businesses.
There will now be three publicly listed companies including a previously announced plan to spin off its advanced materials business.
"The formation of three independent, industry-leading companies builds on the powerful foundation we have created, positioning each to pursue tailored growth strategies, and unlock significant value for shareholders and customers,” Honeywell Chairman and CEO Vimal Kapur said in a statement.
The separation is expected to be completed in the second half of 2026.
Shares fell more than 4% before the market opened Thursday.