Evoqua helps municipalities and industrial customers with wastewater treatment. The company has a hand in treating more than 70% of U.S. municipal wastewater capacity, according to its website. AEA purchased Siemens Water Technologies from Siemens AG for around $870 million in 2014 and changed the unit's name to Evoqua. Honeywell, based in Morris Plains, N.J., is an industrial giant with a market capitalization of over $100 billion that makes an array of products including jet engines and rubber boots. It also provides building technology, industrial-automation products and water-processing systems. A deal would be the first major move by Honeywell Chief Executive Darius Adamczyk, who took the reins in April. Shortly after he came into the job, activist investor Third Point LLC made a public push for Honeywell to spin off its aerospace unit. The company has been working with advisers on a review of its portfolio, the results of which are expected soon.