On February 6, Honeywell announced it would be splitting its operations in aerospace and home automation. It had previously indicated it would be spinning out its advanced materials business. The total split was prompted by an activist position taken by Elliott Investment Management in November of last year.

Each company will have its own distinct strategy, a simplified focus, greater financial flexibility, its own board of directors and management team, and unique growth

Honeywell Aerospace Technologies will become a separate entity since Honeywell International plans to follow through with a major shake-up.

Honeywell said on Thursday it will separate its aerospace and automation segments into independently listed companies, breaking up one of America's last standing conglomerates just months after activist investor Elliott Management took a $5 billion stake in the industrial giant.

Honeywell International Inc. will spin off its aerospace division to create a new, standalone company that will be headquartered in Phoenix, company officials announced Thursday.

Honeywell employs 97,000 people worldwide, including 1,150 in Charlotte, Leopold said. Honeywell moved its global headquarters to Charlotte in 2018. It’s too soon to say how many employees will remain in Charlotte, Leopold said, but the restructuring is expected to create more jobs across all locations.

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 American industrial giants, announced it will split into three companies Thursday after investor pressure.

Honeywell, one of Charlotte's largest employers, is separating into three companies that will allow each independent business to grow more within their sectors.