Honeywell is separating into three publicly traded companies, the Charlotte, N.C.-based conglomerate said Thursday. But not all will be headquartered in Charlotte.

Honeywell will spin off its automation and aerospace tech businesses. The separations are expected to be completed by the second half of 2026, Honeywell said.

The company also had said in October it would spin off its advanced materials business. That transaction is expected to be completed by the end of this year or early next year.

Forming three independent companies builds on a strong existing foundation, Honeywell CEO Vimal Kapur said in a statement, positioning each to pursue tailored growth strategies, and unlock significant value for shareholders and customers.”

The splits are meant to simplify and focus operating structures, create financial flexibility and improve agility, Honeywell said.

Charlotte will be headquarters to the Honeywell automation business, company spokeswoman Caitlin Leopold told The Charlotte Observer on Thursday.

The aerospace business headquarters will be based in Phoenix, while the advanced materials business location is expected to be announced within the next few weeks, Leopold said.

Honeywell employs 97,000 people worldwide, including 1,150 in Charlotte, Leopold said. Honeywell moved its global headquarters to Charlotte in 2018.

It’s too soon to say how many employees will remain in Charlotte, Leopold said, but the restructuring could create more jobs across all locations.

The company names have not been determined but the over century-old Honeywell brand will be retained, Leopold said. Leadership decisions also have not yet been decided.

The transactions are subject to regulatory approvals.

In 2021, Honeywell, along with Goldman Sachs Asset Management and commercial real estate company Lincoln Harris, completed the $275 million sale of the headquarters at 855 S. Mint St.