Honeywell International Inc. (HON) announced on Monday that it is considering strategic options, including a possible separation of its Aerospace division, as part of efforts to boost shareholder value and stimulate growth.
Following this announcement, Elliott Investment Management L.P. expressed its support for Honeywell's ongoing evaluation of strategic alternatives.
Previously, Elliott had proposed that the engineering and technology firm divide itself into two independent companies—Honeywell Aerospace and Honeywell Automation—to generate long-term value for its shareholders.
In pre-market trading, shares of Honeywell have risen by 3.24%, reaching $235 on the Nasdaq.
