Honeywell International has struck a roughly $5 billion deal to buy Carrier Global’s security business, 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 is meant to help bulk up Honeywell’s Building Automation segment, whose customers include hospitals, airports, data centers and the like. It is part of a push by the Charlotte, N.C.-based company, which operates in industries ranging from aerospace to energy, to meet increasing demand for cloud-based products.