Honeywell, one of the last remaining American industrial giants, announced it will split into three companies Thursday after investor pressure.

Honeywell is splitting into three 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—the massive industrial conglomerate that builds avionics, propulsion, navigation, and other systems for aircraft, rotorcraft, and spacecraft—is splitting its aerospace business into a separate company.