Investing.com -- Honeywell announced Thursday that it is targeting acquisitions valued between $2 billion and $4 billion, with particular focus on its industrial automation division.

Peter Lau, president of Honeywell's Industrial Automation unit, told investors at the company's investor day in New York that the business operates in a market worth approximately $35 billion. "There is a ton of opportunity for M&A," Lau said.

Lau emphasized that organic growth remains the primary focus for the division, noting that the business is "way underpenetrated" in solutions and software.

The company plans to pursue bolt-on deals within its $2 billion to $4 billion target range. Honeywell said it will concentrate on automation and other mission-critical segments where it identifies clear commercial synergies and strong returns potential.