Decision comes after activist investor Elliott took a $5bn stake and pushed for break-up
Honeywell is exploring a spin-off of its aerospace business, a month after activist investor Elliott Management took its largest-ever position in the industrial conglomerate and pushed for it to break up. Honeywell shares gained 3 per cent after the US-based group said it would consider jettisoning its aerospace unit, which manufactures parts for aircraft manufacturers including Boeing and Nasa. Honeywell shares have risen 11 per cent this year, underperforming the S&P 500.
Honeywell, which has maintained a conglomerate structure even as they fell out of favour with investors, prompting competitors such as DowDuPont and United Technologies to split or spin off business units. Honeywell’s aerospace unit makes up about 40 per cent of the conglomerate’s revenue but trades at a discount to aerospace competitors such as TransDigm and Heico, a key issue in Elliott’s push for a separation.
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