Loeb’s Dis-United Technologies s

Billionaire activist investor Dan Loeb (right) wants to chop United Technologies, the $100 billion industrial conglomerate, into three pieces.

UT’s aerospace business should be spun off and its remaining climate control operation and Otis Elevator Co. split in two, Loeb’s hedge fund, Third Point, said in a letter to his fund’s investors on Friday.

“Third Point did not invest in UTC for what it is today but for what it could become,” the letter said.

Such a split would unlock more than $20 billion in value for UT shareholders, he added.

Loeb criticized UT for behaving like other conglomerates and adopting a “one size fits all” approach to its business lines. But, the investor noted, UT shareholders have different objectives: Industrial investors favor a more value-based investing approach, while aerospace investors are more growth-oriented.

Third Point has already had conversations with UT, and Loeb said that the board agreed to review its portfolio.

The board seemed less than enthusiastic on a split.

“While [UT] disagrees with several al of the assertions contained in the Third Point letter, the company is always open to the input of shareholders,” the company said, adding that it is committed to maintaining a “constructive dialogue” with shareholders.

Loeb is not the only activist who’s o’s rattling UT’s cage. Bill Ackman’s Pershshing Square also initiated a stake recently, ntly, but the fund has not yet said whatat it would like the company to do.