Honeywell considers separation of aerospace business

(Reuters) – Honeywell International (HON) said on Monday its board continues to review its business portfolio, including a potential separation of the aerospace business, sending the conglomerate’s shares up nearly 3% in premarket trading.

The board has made significant progress to date and the company plans to provide an update when it reports its fourth-quarter results, it said.

The move comes after activist investor activist Elliott Investment Management called for a split of the company’s aerospace and automation businesses after taking a more than $5 billion stake.

(Reporting by Shivansh Tiwary in Bengaluru; Editing by Shilpi Majumdar)