(Corrects typo in headline to say 'break up')

(Reuters) -Honeywell International ( HON ) is preparing to split into three independent companies, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Honeywell ( HON ) plans to separate its aerospace division from its automation business and move ahead with plans to spin off its advanced materials arm, the Journal reported.

The company's shares were up 5.3% in premarket trading.

Honeywell ( HON ) is expected to provide a portfolio update along with its fourth-quarter earnings later on Thursday.

The company did not immediately respond to a Reuters email seeking comment.