Honeywell, an American multinational conglomerate company that makes a variety of commercial and consumer products, engineering services and aerospace systems, acquired Elster Division of Melrose Industries, a leading provider of thermal gas solutions for commercial, industrial, and residential heating systems and gas, water, and electricity meters, including smart meters and software and data analytics solutions, for $5.1bn. "The acquisition of Elster will generate strong future returns for Honeywell's shareowners because it increases our growth profile globally creating both organic and inorganic growth opportunities and because Honeywell can run this company effectively and accelerate its growth through our complementary technologies, software knowledge, and presence in High Growth Regions," said Honeywell Chairman and CEO Dave Cote.