CHARLOTTE, N.C. (QUEEN CITY NEWS) — Charlotte-based Honeywell has announced it will be splitting into three companies — one focused on advanced materials production, another on industrial and building automation, and another on the aerospace industry.
The company, which initially announced its move to uptown in 2018, is known as one of the last remaining conglomerates in the country. It makes products ranging from eye solution to engines for military tanks and helicopters.
Matthew Bradbury is a shareholder in Honeywell who has a background in mergers and acquisitions. He noted the diversified nature of the company now may mean that investment opportunities are limited.
“A lot of times, say, mutual funds, they want to invest in aerospace defense, or they want to invest in medical, or they want to invest in a certain division,” said Bradbury. “And you really don’t give Honeywell the same kind of look because it’s a conglomerate like that.”
Queen City News reached out to Honeywell to see what the announcement of the split would mean for Charlotte.
In a statement, a spokesperson said:
“Honeywell’s automation business will remain in Charlotte… and Aerospace will remain in Phoenix. Note, that we will keep our hubs for automation in Houston and Atlanta as well.
The decision to create three independent, public companies means more career opportunities as we will need outstanding teams to set each company up for success.”
Honeywell said they currently have a staff of around 1,100 based in Charlotte, with headquarters near Bank of America Stadium.
Queen City News toured the Honeywell building and noted some of the state-of-the-art technology that was in place.
The company had previously announced they would be spinning off an Advanced Materials business prior to Thursday’s announcement.
Honeywell had also seen a push from an investment group to split the company’s automation and aerospace business.
Honeywell’s stock closed down 5% Thursday.
