09:17 AM EST, 11/12/2024 (MT Newswires) -- Honeywell International ( HON ) should split into two standalone companies to separate its Aerospace and Automation businesses, Elliott Investment Management said in a letter sent Tuesday to the company's board.

The activist investor said it believes a separation would lead to share-price gains of 51% to 75% over the next two years.

Elliott disclosed a more than $5 billion investment in Honeywell ( HON ), confirming an earlier report from Bloomberg.

The company didn't immediately respond to a request for comment from MT Newswires.

Honeywell ( HON ) shares were up nearly 7% in premarket activity Tuesday.