Honeywell is splitting into three independently listed companies, breaking up one of America's last standing conglomerates just months after activist investor Elliott Management took a $5 billion stake in the industrial giant.

Honeywell said it will split into three companies. The aerospace giant said it will separate its aerospace, automation and advanced materials units into distinct entities in 2026.

Honeywell plans to separate its automation and aerospace technologies businesses from the U.S. industrial conglomerate, following similar actions by companies such as General Electric and Alcoa