(Bloomberg) -- Honeywell International Inc. said it’s considering strategic options, including the possible separation of its aerospace business, a month after Elliott Investment Management called for a breakup of the industrial group.

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Honeywell is “well-positioned for significant transformational alternatives, and we are continuing our deeper, more granular exploration of their feasibility and possible timing,” Chief Executive Officer Vimal Kapur said in a statement Monday. The company plans to provide an update on the effort with its fourth-quarter earnings report.

Elliott welcomed Honeywell’s review, including the potential separation of its aerospace operations. “The portfolio transformation Vimal and his team are leading represents the right course for Honeywell,” it said.

The activist investor last month revealed that it had taken a $5 billion-plus position in Honeywell and encouraged management to separate into two standalone companies, one focused on aerospace and the other on automation. The investment was Elliott’s largest ever in a single stock.

Honeywell’s shares rose 1.5% at 9:32 a.m. in New York. The stock advanced 8.5% this year through Friday, trailing the 27% gain in the S&P 500 Index.

Since Kapur was appointed CEO last year, Honeywell has pursued several big deals, including the $5 billion acquisition of Carrier Global Corp.’s security unit. It also agreed to buy Air Products & Chemicals Inc.’s liquefied natural gas unit.

(Updates with additional details of review, share trading beginning in second paragraph.)

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