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Outside a Honeywell facility in France. The company said it would split off its homes and global distribution units and its transportation systems unit into two publicly traded companies by the end of 2018.

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Charly Triballeau/Agence France-Presse — Getty Images

LONDON — The American technology and manufacturing company Honeywell announced on Tuesday that it planned to spin off parts of its business but would retain its aerospace technology operations, against the recommendations of an activist investor.

Honeywell had been under pressure to pursue an overhaul after Daniel S. Loeb, the activist investor in charge of the hedge fund Third Point, urged it to spin off the aerospace unit.

Honeywell rejected Mr. Loeb’s urgings, however, and said that it would instead split off its homes and global distribution units, which have about $4.5 billion of revenue a year, and its transportation systems unit, which has about $3 billion in revenue, into two publicly traded companies by the end of 2018.

The homes business will deal with heating, ventilation and air-conditioning, as well as the distribution of security and fire protection products. It will be run by Gary S. Michel, who has moved from the American manufacturer Ingersoll Rand, Honeywell said.

The transportation business would focus on technologies used in cars, trucks and other vehicles.

The separated operations would be “better positioned to maximize share-owner value through focused strategic decision making and capital allocation tailored for their end markets,” Darius Adamczyk, the president and chief executive of Honeywell, said in a news release.

The company indicated that more deals could be on the horizon. “Honeywell will also have multiple levers for continuing to execute an aggressive capital deployment strategy,” including a “vigorous and disciplined” mergers and acquisitions program, Mr. Adamczyk said.

The move comes after United Technologies, which had rejected a deal with Honeywell, agreed in September to buy the airplane parts maker Rockwell Technologies for $30 billion, including debt.

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