(Bloomberg) — Honeywell International agreed to acquire the security business of Carrier Global Corp. for an enterprise value of about $5 billion, which marks the biggest deal since 2015 for the maker of jet engines and gas detectors.
The acquisition broadens Honeywell’s product offerings in security controls for buildings, which was an area lagging behind the larger market positions the company has in property management systems and fire systems, Honeywell Chief Executive Officer Vimal Kapur said in a Bloomberg TV interview with David Westin.
“This deal strengthens our capability in security, which is I believe a high-growth category,” Kapur said in the interview. “So it fits right in the heart of our building automation business and prepares it for a higher growth rate in the future.”
It also marks the first major acquisition under Kapur, who took over as the company’s…
