Honeywell to buy aerospace and defense firm CAES Systems for $1.9 billion

(Reuters) -Honeywell has agreed to buy aerospace and defense technology company CAES Systems for $1.9 billion from private equity firm Advent International, it said on Thursday, to give a boost to the manufacturing giant's aerospace technologies unit.

The all-cash deal to buy CAES, which develops electronics such as antenna systems and communication networks for aerospace and defense companies, marks Honeywell's third acquisition so far this year.

The latest deal comes at a time when top defense firms have seen orders surge in response to drawn out conflicts, including the Russian aggression against Ukraine and the ongoing war in Gaza.

The CAES acquisition is expected to improve and expand Honeywell's defense technology solutions across land, sea, air and space.

"CAES' trusted position with top U.S. defense customers strengthens our existing relationships," said Honeywell Aerospace Technologies President and CEO Jim Currier, in a statement.