It argues that separating Honeywell would lead to simplified strategies, focused management, enhanced capital allocation and better operational performance.

Activist investor Elliott Investment Management said Honeywell should split into two separate businesses on Tuesday, following in the footsteps of other industrial conglomerates that have broken up in recent years.

Elliott Management is pushing for Honeywell International to split up its business after the activist investment fund built an over-$5 billion stake in the industrial conglomerate.