Honeywell International Inc. (NasdaqGS:HON) is looking for M&A. Vimal Kapur said during the 41st Barclays Industrial Select Conference, "We have capacity in our balance sheet and through our cash generation to go all the way up to 40%. So that's the kind of a range. So if more deals come in, which make business sense, we will do it.

And corollary is also true. We're not going to spend money just because we have a target. I have no target that we're going to spend money.

But we have a bias that we want to improve quality of the portfolio and do M&A more actively and look for the opportunities across all segments".