In this episode of MacroMatrix, host Ethan sits down with industrial markets expert Tracy to dissect Honeywell’s bold plan to separate its Aerospace, Automation, and Advanced Materials businesses. We explore what’s driving Honeywell's strategic shift, how it echoes moves by GE and United Technologies, and whether a pure-play structure could unlock a 50–75% share price upside. From margin dynamics and capital allocation to R&D focus and brand identity, we unpack the operational, financial, and investor implications of dismantling one of the last major industrial conglomerates. Tune in to hear what this means for Honeywell’s future—and why this story could reshape the entire industrial landscape.