Honeywell International Inc. is proceeding with a major business restructuring that includes spinning off its aerospace division and divesting other operations, the company announced.

The industrial conglomerate plans to complete the spinoff of its aerospace unit on June 29, according to company statements. The aerospace division represents a significant portion of Honeywell's operations and has been a key growth driver for the company.

As part of the broader restructuring effort, Honeywell has also entered into an agreement to sell its warehouse and workflow-solutions business to American Industrial Partners, a private equity firm specializing in industrial companies.

The company reported declining profits amid the ongoing restructuring activities, though specific financial figures were not immediately available. Honeywell has forecast organic sales growth of 2% to 4% for the second quarter as it works through the operational changes.

The restructuring represents Honeywell's effort to streamline its operations and focus on core business areas. The moves come as the company seeks to optimize its portfolio and enhance shareholder value through more focused business units.