Honeywell, one of few remaining industrial conglomerates, to split into 3 companies
Honeywell plans to separate its automation and aerospace technologies businesses from the U.S. industrial conglomerate, following similar actions by companies such as General Electric and Alcoa
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 company said Thursday that it will separate from its automation and aerospace technologies businesses. Including plans announced earlier to spin off its advanced materials business, Honeywell will consist of three smaller entities in hopes that they will each be more agile.
«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.
Honeywell had said in December that it was considering spinning off its aerospace division. The public announcement arrived about one month after Elliott Investment Management revealed a stake of more than $5 billion in the aerospace, automation and materials company. Elliott had been pushing for the Charlotte, North Carolina, company to separate its automation and aerospace businesses.
The board of Honeywell International Inc. had been exploring strategic options for the company since earlier in 2024.
The company, which makes everything from eye solution to barcode readers, has been seeking ways to make itself more nimble. Over the past year and a half, just after Kapur took over as CEO, Honeywell has announced plans for the advanced materials business spinoff, entered into
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