Honeywell said on Thursday it will separate its aerospace and automation segments into 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, one of the last remaining American industrial giants, announced it will split into three companies Thursday after investor pressure.

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.