Diversified conglomerates were long a fixture of the U.S. stock market landscape, with the Dow industrials bolstered by big names such as 3M, General Electric, United Technologies and others. But many of those companies have since broken apart,

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.

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.