Honeywell announced its plan to split into three independent companies, separating its automation and aerospace technologies. This decision reflects a trend among large U.S. conglomerates like General Electric, driven by pressures from shareholders seeking more targeted growth strategies. Following significant investment from Elliott Investment Management, Honeywell's board has been exploring strategic options throughout 2024. The company, known for a diverse range of products, aims for increased nimbleness through this separation, with the automation and aerospace split expected by 2026, while the advanced materials spinoff is slated for late 2023 or early 2024.
"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."
"We have been exploring strategic options for the company since earlier in 2024, seeking ways to make itself more nimble as industries evolve and investor expectations change."
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