HONEYWELL, ONE OF THE FEW REMAINING US INDUSTRIAL CONGLOMERATES, WILL SPLIT INTO THREE COMPANIES

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.

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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, industryleading 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.