Honeywell’s board of directors continues to evaluate strategic alternatives, including possibly separating its aerospace business, as part of its ongoing portfolio review, the company said today. This process began earlier this year, led by chairman and CEO Vimal Kapur. Jefferies Equity Research values Honeywell Aerospace, as a standalone company, at about $111 billion.

In addition to evaluating the potential aerospace spinoff, Honeywell has announced other strategic actions over the past year, including acquiring businesses valued at approximately $9 billion. These include the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, and the liquefied natural gas business from Air Products. Honeywell also plans to spin off its advanced materials business into an independent publicly-traded U.S. company and divest its personal protective equipment business.

“We have been moving swiftly and decisively to optimize the Honeywell portfolio to deliver superior growth and drive incremental shareholder value,” Kapur said, referencing the company’s focus on what it terms three compelling megatrends: automation, the future of aviation, and energy transition. “At the same time, we have been evaluating more transformational changes.”

Kapur said the company is making significant progress with this evaluation. Honeywell plans to provide more details on these strategic initiatives and the potential aerospace separation in its fourth-quarter 2024 earnings release.