Elliott Calls For Simplification At Honeywell

(RTTNews) - Elliott Investment Management L.P. sent a letter to Board of Honeywell International Inc. (HON) calling for a simplification of Honeywell's conglomerate structure. Elliott believes Honeywell should separate into two standalone companies - Honeywell Aerospace and Honeywell Automation - to create long-term value for shareholders. It expects a separation could result in share price upside of 51-75% over the next two years.

The funds managed by Elliott Investment L.P. has made an investment of more than $5 billion in Honeywell International Inc., making it the company's largest active investor.