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 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.

An activist investor's dream scenario has come to fruition with Honeywell's decision to break up the company. Here's how it will affect workers in Phoenix.