Honeywell Enters Cooperation Pact With Elliott Before Breakup

Honeywell International Inc. agreed to cooperate with Elliott Investment Management and add a member of the activist shareholder to its board as the industrial firm prepares to split into three companies.

Honeywell named Marc Steinberg, a partner at Elliott, as an independent director and audit committee member, the Charlotte, North Carolina-based manufacturer said in a statement on Wednesday. The appointment is effective May 31.

Elliott revealed a $5 billion-plus position in Honeywell late last year and called for a breakup, saying Honeywell’s conglomerate structure was to blame for underperforming shares and inconsistent financial results. In February, Honeywell said it ...