Activist investor Elliott Investment Management stated in a letter addressed to Honeywell’s Board of Directors that it wants Honeywell International Inc. to spin-off its Aerospace Technologies business.

The push comes as new Honeywell CEO Vimal Kapur has led an aggressive repositioning with mergers, acquisitions and spinoffs.

The activist investor, which has amassed a $5 billion stake, is calling for big changes. Honeywell shares were up about 5% on the news.

As Honeywell’s largest active investor, Elliott Investment Management’s letter to Honeywell International argued that Honeywell should split into two entities—Honeywell Aerospace and Honeywell Automation.

Activist investor Elliott Investment Management has built a $5 billion-plus position in industrials giant Honeywell International Inc., according to people with knowledge of the matter.

The push comes as new Honeywell CEO Vimal Kapur has led an aggressive repositioning with mergers, acquisitions and spinoffs.

Shares of Honeywell International Inc. rallied into record territory Tuesday after activist investor Elliott Investment Management L.P. disclosed a large stake and said it was pushing for a breakup of the company.

Activist investor Elliott Management has a $5 billion-plus stake in Honeywell and is pushing the company to break itself up into two businesses.

An activist investor with a $5 billion stake in Honeywell International Inc. is calling for the company to separate its aerospace and automation divisions into separate businesses.

Activist investor group Elliott Investment Management has built a $5 billion dollar investment in Honeywell International inc. and is calling for the company to simplify its conglomerate

Elliott Investment Management has taken a $5 billion-plus position in Honeywell International and is reportedly pushing the industrials giant to separate into two standalone companies, one focused on aerospace and the other on automation.