Following a series of actioned and planned divestments and acquisitions, manufacturing conglomerate Honeywell announced that its board of directors is continuing a portfolio review, including a potential separation of its Aerospace business unit.

In a Dec. 16 news release, the company said its board has made significant progress to date and that it plans to provide an update on its portfolio review with Honeywell’s 4Q24 financial report. For 4Q23, that report was released Feb. 1, 2024.

The announcement comes about a month after activist investor Elliot Investment Management disclosed a stake exceeding $5 billion in the company and called for a breakup of the organization.

In a letter addressed to Honeywell’s board, Elliot said that the company had to streamline its structure to address issues with uneven execution, inconsistent financial results and an underperforming stock price.

“Since aligning our business this past January to three compelling megatrends – automation, the future of aviation and energy transition – we have been moving swiftly and decisively to optimize the Honeywell portfolio to deliver superior growth and drive incremental shareholder value,” Honeywell Chairman and CEO Vimal Kapur said in the company’s release.

Honeywell said these developments reflect its efforts to simplify its portfolio and align with key growth areas.

Additionally, Honeywell noted that the evaluation builds on strategic actions announced in 2023, including approximately $9 billion in acquisitions such as Carrier Global’s Access Solutions business, Vinianavi Systems, CAES Systems and liquified natural gas (LNG) business from Air Products.

On Oct. 8, Honeywell unveiled its plans to spin off its Advanced Materials business into an independent, publicly-traded company by late 2025 or early 2026. Additionally, the company divested its Personal Protection Equipment business to Protective Industrial Products for $1.325 billion, completed on Nov. 22.