Honeywell Cranks Up M&A Machine. Investors Yawn.

Vimal Kapur is on a roll. The chief executive officer of Honeywell International Inc. on Wednesday announced his fourth major acquisition in eight months, cranking up an M&A machine that had been somewhat dormant under the previous CEO.

Investors had been clamoring for Honeywell to do more deals, which are essential for an industrial conglomerate to refresh its collection of businesses and spur growth. Honeywell, which makes products ranging from jet engines to air-conditioner coolants to warehouse automation equipment, is one of the few true industrial conglomerates left, and the largest, with a market value of $137 billion. But the reaction to today’s acquisition suggests investors aren’t convinced the new business can deliver the expected growth, especially given questions surrounding the push to wean the world off fossil fuels and potential regulatory setbacks.