Honeywell split will result in smaller Fortune 500 company in Charlotte

Charlotte will retain Honeywell's automation division, while the aerospace division moves to Phoenix

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Analysis: Honeywell split will leave Charlotte with a smaller version of a Fortune 500 company

Honeywell’s headquarters is across from Bank of America Stadium uptown. (Photo courtesy of Honeywell)

Industrial conglomerate Honeywell, one of the largest companies based in Charlotte, said it plans to split itself into three parts to provide better focus on its different segments.

CEO Vimal Kapur said the creation of three public companies from one would allow the different segments “to pursue tailored growth strategies, and unlock significant value for shareholders and customers.”

A Honeywell spokeswoman told The Charlotte Observer and Axios Charlotte that Charlotte would retain the company’s automation division, while the aerospace division will be headquartered in Phoenix.

The company hasn’t yet determined where the third segment, advanced materials, will be headquartered. Honeywell previously said it was dividing into two companies, not three.