Honeywell Aerospace will become a separate company with its headquarters still in Phoenix, officials confirmed after details of its parent company's breakup were announced Thursday morning.

Honeywell International Inc. will spin off its aerospace division to create a new, standalone company that will be headquartered in Phoenix, company officials announced Thursday.

Honeywell plans to separate its automation and aerospace technologies businesses from the U.S. industrial conglomerate, following similar actions by companies such as General Electric and Alcoa.