NEW YORK (TheStreet) - Shares of Honeywell (HON) - Get Report are on the move, climbing 1.4% on Tuesday after the company announced a $5.1 billion acquisition for Elster Group, a German-based HVAC company owned by Melrose Industries.
Honeywell has an impressive history of buying a company, improving its operations, and boosting margins, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment.
CEO Dave Cote is a "superior acquirer" and this "brilliant move" shows just that, Cramer said, adding that investors have been waiting for the company to announce a new deal for quite some time.
This "really, really terrific deal" is what's got the stock on the rise today, and it doesn't hurt that the company had a great earnings report on July 17th, Cramer added.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.