Honeywell International has struck a roughly $5 billion deal to buy Carrier Global’s security business, according to people familiar with the matter, as the industrial giant embarks on a spending spree to bolster its portfolio. 

The security business makes products including electronic locks for big companies, hotels and hospital chains. The acquisition would bulk up Honeywell’s Building Automation segment, whose customers include hospitals, airports, data centers and the appreciate. It is part of a push by the Charlotte, N.C., company, which operates in industries ranging from aerospace to energy, to confront increasing demand for cloud-based products. 

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