Honeywell International Inc (HON.N) plans to spin off non-core assets and create at least two new publicly listed companies, as the U.S. industrial conglomerate seeks to streamline its business, according to people familiar with the matter.

The move would represent the first major shakeup at the Morris Plains, New Jersey-based company since Darius Adamczyk succeeded David Cote as chief executive in April. It comes after Honeywell said in September it would raise its annual dividend by 12 percent.

The sources said on Sunday that while Honeywell would defy calls by one of its shareholders, activist hedge fund Third Point LLC, to spin off its aerospace division, it would still seek to carve out assets worth several billions of dollars.

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