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CNBC Exclusive: Honeywell CEO Seeks Further Acquisitions

Recent concerns about the rising cost of corporate borrowing haven't deterred Honeywell CEO Dave Cote from looking for fresh acquisition targets for the Fortune 500 company, but market consolidation is getting harder, he warned.

"We're always going to be on the lookout for things that can create great positions in good industries," Cote, told "Squawk Box Europe" at the Paris air show.

Cote concedes that the acquisition arena is "a little tougher" than they used to be, but says "it's still good out there."

"We still do deals, whether it's aerospace or any of our other three businesses, but we're always very cautious about not overpaying," added Cote.

Honeywell also announced that they, along with Pratt&Whitney, submitted a joint proposal to the U.S. Army's Aviation Applied Technology Directorate to develop an advanced turboshaft engine for the Advanced Affordable Turbine Engine.

While at the air show, Honeywell made the further announcement that is had been selected by Sikorsky Aircraft to develop and integrate synthetic vision technology to improve helicopter landings in brownout conditions as part of the Defense Advanced Research Projects Agency (DARPA) Sandblaster program.

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