Seems like Honeywell, being one of the free remaining old school conglomerates, has become recently the equivalent of a hedge fund or private equity fund. They buy companies, cut costs, run them into the ground, and sell for a profit before the subsidiary collapses. I'd guess Honeywell is preparing to sell aero, possibly in pieces if it can't find one big buyer.
This also explains why they don't need to invest in R&D or attract good employees anymore. The game is about trading companies and extracting value, not building up new product lines or making long term investments.
From this perspective, Honeywell is acting rationally, and you are all just pawns in Wall Street's game.