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.

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.

Shares of Honeywell International, Inc. ($HON) rose as much as 7.8% on Tuesday to a record high after activist investor Elliott Investment Management disclosed a significant $5 billion stake in the company.

Honeywell International shares jumped Tuesday to an all-time high, after Elliott Investment Management said it has built a $5 billion-plus position in the industrials conglomerate and is seeking a breakup of the company.

Elliott Investment Management has built a $5 billion-plus position in Honeywell International Inc. and is pushing the industrial giant to pursue a break up. The activist investment firm wants Honeywell to separate into two standalone companies,

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

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