Honeywell to split into 3 companies

Honeywell announced plans to split into three independent companies.

The conglomerate's automation, aerospace technologies and advanced materials businesses will operate separately under the plan.

“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 Chair and CEO Vimal Kapur said in a statement.

Read more from The Associated Press.