Honeywell International Inc. is exploring a separation of its aerospace business as the industrial company faces calls from activist Elliott Investment Management for a breakup.The potential move is under consideration as part of a broader review started earlier this year,

Elliott wants the the Charlotte, North Carolina, company to separate its automation and aerospace businesses. The board of Honeywell International Inc. has been exploring strategic options for the company since earlier this year.

Honeywell International said on Monday its board is considering a potential separation of the aerospace business as it continues to review its business portfolio, sending the conglomerate's shares up nearly 3% in premarket trading.

Honeywell International said it was considering a potential separation of its aerospace business, about a month after activist investor Elliott Investment Management called for the industrial conglomerate to break itself up.