The company previously announced it would spin off its advanced materials business, but now it will also split its automation and aerospace technologies businesses.
NEW YORK — 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.
Honeywellhad said in December that it was considering spinning off its aerospace division. The public announcement arrived about …