Honeywell International, which has deep roots in Minnesota, will split into three separate companies. The company, based in North Carolina, has been pressured by shareholders to break up its operations.
The separation of Honeywell’s building automation and aerospace divisions is expected to be completed in 2026. These two businesses will operate independently as distinct companies. The advanced materials business will be spun off by the end of this year or early 2026.
Honeywell, which had significant operations in the Twin Cities area, including facilities in Plymouth and Minneapolis, will break into three separate entities. The company’s aerospace division will remain headquartered in Phoenix, while its building automation operation will stay based in Charlotte.
The breakup comes after activist shareholder Elliott Investment Management bought a $5 billion stake in Honeywell last fall. Elliott had been pushing for the company to split its automation and aerospace divisions.
Honeywell has a long history in Minnesota, but its headquarters have been relocated several times over the years. The company laid off workers in Golden Valley and closed a plant in Coon Rapids before announcing plans to spin off its advanced materials business.
The separation is part of a trend among US industrial conglomerates to break up into separate companies. General Electric, for example, has split into three separate entities: aerospace, healthcare, and energy.
Source: https://www.startribune.com/honeywell-split-effects-minnesota-operations/601218134