Honeywell restructures, but keeps aerospace

Photo: Paul Sakuma / AP

Honeywell today announced that it will spin off its Homes and ADI global distribution business, which generates around $4.5 billion in annual revenue, into a separate stand-alone company. It also will do the same with its transportation systems unit, which brings in around $3 billion per year.

Why it's a big deal: Because Honeywell is playing honey badger to activist investor Third Point, which has instead been calling for a spin-off of the company's aerospace division.