04:32 PM EST, 01/13/2025 (MT Newswires) -- (Adds company's response in fifth paragraph, closing share price, and additional details throughout.)

Honeywell International ( HON ) is planning to spin off its aerospace unit into a stand-alone company following pressure from activist investor Elliott Investment Management, Bloomberg reported Monday, citing people familiar with the matter.

The industrial conglomerate said in December that it was exploring a potential separation of its aerospace business as part of a broader strategic review roughly a month after Elliott began advocating for a breakup.

At the time, Elliott said a potential portfolio transformation "represents the right course for Honeywell ( HON )," later stating it supports the company taking "the necessary steps to realize its full value."

The activist fund previously disclosed a $5 billion stake in the company, asserting that its longtime corporate organization as a conglomerate no longer works, resulting in uneven execution, inconsistent financial results, and an underperforming price for Honeywell's ( HON ) shares. The stock closed 0.4% higher on Monday at $219.10 per share.

In a statement, a Honeywell ( HON ) spokesperson told MT Newswires the company does not comment on rumors or speculation.

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