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.

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.

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.

Activist investor Elliott Investment Management has built a $5 billion-plus position in industrials giant Honeywell International Inc., according to people with knowledge of the matter.

Activist investor Elliott Investment Management has taken a $5 billion stake in Honeywell and called for the company to split its business in two, describing the firm’s quantum computing efforts as a “distraction.”

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.

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.