Honeywell International Inc. agreed to buy Melrose Industries Plc’s Elster unit for 3.3 billion pounds ($5.1 billion), broadening its product lineup and signaling that more deals may be in the offing.

Elster, a maker of gas, electric and water meters, will extend Honeywell’s equipment offerings and create “a new platform for acquisition targets,” Chief Executive Officer Dave Cote said Tuesday.Honeywell reaffirmed its 2015 profit forecast and predicted the deal would close in 2016’s first quarter.

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