Charlotte-based Honeywell is planning a full separation of its Automation and Aerospace Technologies. Coupled with a previously announced plan to spin off Advanced Materials, the move will result in three publicly listed companies to be completed next year. The company says the goal is to create three standalone public companies that will have a "simplified strategic focus" as well as increased financial flexibility.
Business NC reports Honeywell employs more than 1,000 people at its Charlotte headquarters and more than 118,000 worldwide. The implications for jobs in Charlotte weren't immediately clear.
"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," said Vimal Kapur, Honeywell's CEO, in a statement. "Our simplification of Honeywell has rapidly advanced over the past year, and we will continue to shape our portfolio to create further shareholder value. We have a rich pipeline of strategic bolt-on acquisition targets, and we plan to continue deploying capital to further enhance each business as we prepare them to become leading, independent public companies."