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Activist investor Elliott Investment Management said Tuesday it has amassed a stake of more than $5 billion in Honeywell
HON.O and recommended that the industrial giant continue to separate its aerospace and automation businesses.
Shares of Honeywell rose 6.4% in pre-market trading.
“The conglomerate structure that once suited Honeywell no longer suits it, and the time has come to embrace simplification,” Elliott said in his letter to the company’s board of directors.
Honeywell did not immediately respond to a Reuters request for comment.
Since Vimal Kapur took over as CEO last year, the company has embarked on a series of transactions to focus on the megatrends of automation, the future of aviation and the energy transition. The company also got rid of assets that don’t align with these trends.
Last month, Honeywell announced plans to spin off its advanced materials unit into a publicly traded company. Separately, it also said it was looking to divest its personal protective equipment business.
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