By Sabrina Valle

NEW YORK, June 11 (Reuters) - Honeywell on Thursday said it is targeting deals valued at $2 billion to $4 billion and sees scope for acquisitions in its industrial automation business.

"There is a ton of opportunity for M&A,” said Peter Lau, president of Honeywell’s Industrial Automation unit during the company's investor day in New York, adding the business operates in a roughly $35 billion market.

Lau cautioned that organic growth remains a priority, however, describing the business as “way underpenetrated” in solutions and software.

At the group level, Honeywell signalled it will pursue bolt‑on deals within its preferred $2 billion to $4 billion range, focusing on automation and other mission‑critical segments where it sees clear commercial synergies and strong returns potential.