Honeywell

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Honeywell International Inc.
Public
Traded as
Industry Conglomerate
PredecessorHoneywell Inc.
AlliedSignal Inc.
Founded1906;113 years ago (1906)
Wabash, Indiana
Founder Mark C. Honeywell
Headquarters Morris Plains, New Jersey,
Area served
Worldwide
Key people
Darius Adamczyk
(chairman and CEO)
RevenueIncrease2.svg US$40.534 billion (2017) [1] [ dead link ]
Increase2.svg US$6.902 billion (2017) [1]
Decrease2.svg US$1.655 billion (2017) [1]
Total assets Increase2.svg US$59.387 billion (2017) [1]
Total equity Decrease2.svg US$17.439 billion (2017) [1]
Number of employees
131,000 (2017) [1]
Website honeywell.com

Honeywell International Inc. is an American multinational conglomerate company that makes a variety of commercial and consumer products, engineering services and aerospace systems for a wide variety of customers, from private consumers to major corporations and governments. The company operates four business units, known as Strategic Business Units – Honeywell Aerospace, Home and Building Technologies (HBT), Safety and Productivity Solutions (SPS), and Honeywell Performance Materials and Technologies. [2] [3] [4]

Conglomerate (company) two or more corporations that fall under one corporate group

A conglomerate is a combination of multiple business entities operating in entirely different industries under one corporate group, usually involving a parent company and many subsidiaries. Often, a conglomerate is a multi-industry company. Conglomerates are often large and multinational.

Aerospace engineering effort to fly in the atmosphere of Earth (aeronautics) and surrounding space (astronautics)

Aerospace is the human effort in science, engineering, and business to fly in the atmosphere of Earth (aeronautics) and surrounding space (astronautics). Aerospace organizations research, design, manufacture, operate, or maintain aircraft or spacecraft. Aerospace activity is very diverse, with a multitude of commercial, industrial and military applications.

Honeywell Aerospace is a manufacturer of aircraft engines and avionics, as well as a producer of auxiliary power units (APUs) and other aviation products. Headquartered in Phoenix, Arizona, it is a division of the Honeywell International conglomerate. It generates approximately $10 billion in annual revenue from a 50/50 mix of commercial and defense contracts.

Contents

Honeywell is a Fortune 100 company. In 2018, Honeywell ranked 77th in the Fortune 500. [5] Honeywell has a global workforce of approximately 130,000, of whom approximately 58,000 are employed in the United States. [6] The company is headquartered in Morris Plains, New Jersey. Its current chief executive officer is Darius Adamczyk. [7] [8] The company and its corporate predecessors were part of the Dow Jones Industrial Average Index from December 7, 1925, until February 9, 2008.

Morris Plains, New Jersey Borough in New Jersey, United States

Morris Plains is a borough in Morris County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 5,532, reflecting an increase of 296 (+5.7%) from the 5,236 counted in the 2000 Census, which had in turn increased by 17 (+0.3%) from the 5,219 counted in the 1990 Census.

Darius Adamczyk Polish-born American businessman, and the chief executive officer (CEO) and president of Honeywell

Darius Adamczyk is an American businessman. He is the chairman and chief executive officer (CEO) of Honeywell, an American multinational conglomerate.

Dow Jones Industrial Average stock market index

The Dow Jones Industrial Average (DJIA), or simply the Dow, is a stock market index that indicates the value of 30 large, publicly owned companies based in the United States, and how they have traded in the stock market during various periods of time. These 30 companies are also included in the S&P 500 Index. The value of the Dow is not a weighted arithmetic mean and does not represent its component companies' market capitalization, but rather the sum of the price of one share of stock for each component company. The sum is corrected by a factor which changes whenever one of the component stocks has a stock split or stock dividend, so as to generate a consistent value for the index.

The company's current name, Honeywell International Inc., is the product of a merger in which Honeywell Inc. was acquired by the much larger AlliedSignal in 1999. The company headquarters were consolidated with AlliedSignal's headquarters in Morristown, New Jersey; however the combined company chose the name "Honeywell" because of its superior brand recognition. In 2015, the headquarters were moved to Morris Plains. [9] On November 30, 2018, Honeywell announced that its corporate headquarters would be moved to Charlotte, North Carolina. [10]

AlliedSignal was an American aerospace, automotive and engineering company created through the 1985 merger of Allied Corp. and Signal Companies. It subsequently purchased Honeywell for $15 billion in 1999, and thereafter adopted the Honeywell name and identity.

Charlotte, North Carolina Largest city in North Carolina

Charlotte is the most populous city in the U.S. state of North Carolina. Located in the Piedmont, it is the county seat of Mecklenburg County. In 2017, the U.S. Census Bureau estimated the population was 859,035, making it the 17th-most populous city in the United States. The Charlotte metropolitan area's population ranks 23rd in the U.S., and had a 2016 population of 2,474,314. The Charlotte metropolitan area is part of a sixteen-county market region or combined statistical area with a 2016 census-estimated population of 2,632,249.

Honeywell has many brands that commercial and retail consumers may recognize, including its line of home thermostats (particularly the iconic round type) and Garrett turbochargers. In addition to consumer home products, Honeywell itself produces thermostats, sensors, security alarm systems, and air cleaners and dehumidifiers. The company also licenses its brand name for use in various retail products made by partner manufacturers, including air conditioners, heaters, fans, security safes, home generators, and paper shredders.

Thermostat component which maintains a setpoint temperature

A thermostat is a component which senses the temperature of a physical system and performs actions so that the system's temperature is maintained near a desired setpoint.

Garrett Advancing Motion

Garrett - Advancing Motion, also known as Garrett Motion, formerly Honeywell Transportation Systems and Honeywell Turbo Technologies, is an American company primarily involved in engineering, development and manufacturing of turbochargers and related forced induction systems for ground vehicles from small passenger cars to large trucks and industrial equipment and construction machinery. It originated as part of Garrett AiResearch's Industrial Division in Phoenix, Arizona in 1954, after which they entered a contract to provide 5,000 turbochargers for the Caterpillar mining vehicle. It manufactured turbochargers for railroads and commercial trucks. The business produced approximately $3.2 billion in revenue in 2011. Honeywell is also involved in motorsports providing turbochargers and forced induction systems, solutions and related equipment to racing teams and various forms of automobile racing and professional competitions. In 2004, the business became part of American industrial conglomerate Honeywell International, Inc. as their Transportation Systems division. In 2018, it was spun off to become an independent company under the Garrett - Advancing Motion name with corporate headquarters in Rolle, Switzerland.

Turbocharger forced induction device for internal combustion engines

A turbocharger, colloquially known as a turbo, is a turbine-driven forced induction device that increases an internal combustion engine's efficiency and power output by forcing extra compressed air into the combustion chamber. This improvement over a naturally aspirated engine's power output is due to the fact that the compressor can force more air—and proportionately more fuel—into the combustion chamber than atmospheric pressure alone.

History

1885–1927: Early years

Although Mark Honeywell’s Heating Specialty Company was not established until 1906, today’s Honeywell traces its roots back to 1885 when the Swiss-born Albert Butz invented the damper-flapper, a thermostat for coal furnaces, to automatically regulate heating systems. [11] The following year he founded the Butz Thermo-Electric Regulator Company. In 1888, after a falling out with his investors, Butz left the company and transferred the patents to the legal firm Paul, Sanford, and Merwin, who renamed the company the Consolidated Temperature Controlling Company. [11] As the years passed, CTCC struggled with growing debts, and they underwent several name changes in an attempt to keep the business afloat. After the company was renamed to the Electric Heat Regulator Company in 1893, W.R. Sweatt, a stockholder in the company, was sold "an extensive list of patents" and named secretary-treasurer. [12] :22 On February 23, 1898, he bought out the remaining shares of the company from the other stockholders.

Mark Charles Honeywell was an American electronics industrialist. He founded the eponymous Honeywell, Incorporated and was its first president and CEO (1927–1933).

Albert Butz (1849–1905) Swiss born inventor and businessman who immigrated to the United States in the 1850s and founded the Butz Thermo-electric Regulator Company that, through a series of re-organizations, name changes, and mergers, became Honeywell, Incorporated.

In 1906, Mark Honeywell founded the Honeywell Heating Specialty Company in Wabash, Indiana, to manufacture and market his invention, the mercury seal generator. As Honeywell's company grew (thanks in part to the acquisition of Jewell Manufacturing Company in 1922 to better automate his heating system) it began to clash with the renamed Minneapolis Heat Regulator Company. This led to the merging of both companies into the publicly held Minneapolis-Honeywell Regulator Company in 1927. Honeywell was named the company's first president, alongside W.R. Sweatt as its first chairman. [13]

Wabash, Indiana City in Indiana, United States

Wabash is a city in Noble Township, Wabash County, in the U.S. state of Indiana. The population was 10,666 at the 2010 census. The city is the county seat of Wabash County.

Indiana State of the United States of America

Indiana is a U.S. state in the Midwestern and Great Lakes regions of North America. Indiana is the 38th-largest by area and the 17th-most populous of the 50 United States. Its capital and largest city is Indianapolis. Indiana was admitted to the United States as the 19th U.S. state on December 11, 1816. Indiana borders Lake Michigan to the northwest, Michigan to the north, Ohio to the east, Kentucky to the south and southeast, and Illinois to the west.

1927–1985: Expansion

W.R. Sweatt and his son Harold provided 75 years of uninterrupted leadership for the company. W.R. Sweatt survived rough spots and turned an innovative idea – thermostatic heating control – into a thriving business. Harold, who took over in 1934, led Honeywell through a period of growth and global expansion that set the stage for Honeywell to become a global technology leader. The merger into the Minneapolis-Honeywell Regulator Company proved to be a saving grace for the corporation. The combined assets were valued at over $3.5 million, with less than $1 million in liabilities just months before Black Monday. [12] :49 In 1931, Minneapolis-Honeywell began a period of expansion and acquisition when they purchased Time-O-Stat Controls Company, giving the company access to a greater number of patents to be used in their controls systems. 1934 marked Minneapolis-Honeywell's first foray into the international market, when they acquired the Brown Instrument Company, and inherited their relationship with the Yamatake Company of Tokyo, a Japan-based distributor. [12] :51 Later that same year, Minneapolis-Honeywell would also start distributorships across Canada, as well as one in the Netherlands, their first European office. This expansion into international markets continued in 1936, with their first distributorship in London, as well as their first foreign assembly facility being established in Canada. By 1937, ten years after the merger, Minneapolis-Honeywell had over 3,000 employees, with $16 million in annual revenue. [11]

Having survived the Depression, Minneapolis-Honeywell was approached by the US military for engineering and manufacturing projects. In 1941, Minneapolis-Honeywell developed a superior tank periscope and camera stabilizers, as well as the C-1 autopilot. The C-1 revolutionized precision bombing in the war effort, and was used on the two B-29 bombers that dropped atomic bombs on Japan in 1945. The success of these projects led Minneapolis-Honeywell to open an Aero division in Chicago on October 5, 1942. [12] :73 This division was responsible for the development of the formation stick to control autopilots, more accurate gas gauges for planes, and the turbo supercharger. [12] :79 In 1950, Minneapolis-Honeywell's Aero division was contracted for the controls on the first US nuclear submarine, USS Nautilus. [12] :88 The following year, the company acquired Intervox Company for their sonar, ultrasonics, and telemetry technologies. Honeywell also helped develop and manufacture the RUR-5 ASROC for the US Navy.

In 1953, in cooperation with the USAF Wright-Air Development Center, Honeywell developed an automated control unit that could control an aircraft through various stages of a flight, from taxiing, to takeoff, to the point where the aircraft neared its destination and the pilot took over for landing. Called the Automatic Master Sequence Selector, the onboard control operated similarly to a player piano to relay instructions to the aircraft's autopilot at certain way points during the flight, significantly reducing the pilot's workload. [14] Technologically, this effort had parallels to contemporary efforts in missile guidance and numerical control. Honeywell also developed the Wagtail missile with the USAF.

Honeywell-Pentax-Spotmatic Honeywell-Pentax-Spotmatic.jpg
Honeywell-Pentax-Spotmatic

From the 1950s until the mid-1970s, Honeywell was the United States' importer of Japanese company Asahi Optical's Pentax cameras and photographic equipment. [12] :153 These products were labeled "Heiland Pentax" and "Honeywell Pentax" in the U.S. In 1953, Honeywell introduced their most famous product, the T-86 Round thermostat. [11] [12] :110

Honeywell thermostat Honeywell thermostat.jpg
Honeywell thermostat

In 1961, James H. Binger became Honeywell's president and in 1965 its chairman. On becoming chairman of Honeywell, Binger revamped the company sales approach, placing emphasis on profits rather than on volume. He also stepped up the company's international expansion – it had six plants producing 12% of the company's revenue. He also officially changed the company's corporate name from "Minneapolis-Honeywell Regulator Co." to "Honeywell", to better represent their colloquial name. Throughout the 1960s, Honeywell continued to acquire other businesses, including Security Burglar Alarm Company in 1969. [12] :130

The beginning of the 1970s saw Honeywell focus on process controls, with the company merging their computer operations with GE's information systems in 1970, and later acquiring GE's process control business. [12] :122 With the acquisition, Honeywell took over responsibility for GE's ongoing Multics operating system project. The design and features of Multics greatly influenced the Unix operating system. Multics also influenced many of the features of Honeywell/GE's GECOS and GCOS8 General Comprehensive Operating System operating systems. Honeywell, Groupe Bull, and Control Data Corporation formed a joint venture in Magnetic Peripherals Inc. which became a major player in the hard disk drive market. It was the worldwide leader in 14-inch disk drive technology in the OEM marketplace in the 1970s and early 1980s especially with its SMD (Storage Module Drive) and CMD (Cartridge Module Drive). In the second half of the 1970s, Honeywell started to look to international markets again, acquiring the French Compagnie Internationale pour l’Informatique in 1976. [12] :124 Eight years later, Honeywell formed Honeywell High Tech Trading to lease their foreign marketing and distribution to other companies abroad, in order to establish a better position in those markets. [12] :147 Under Binger's stewardship from 1961 to 1978 he expanded the company into such fields as defense, aerospace, and computing. During and after the Vietnam Era, Honeywell's defense division produced a number of products, including cluster bombs, missile guidance systems, napalm, and land mines. Minnesota-Honeywell Corporation completed flight tests on an inertia guidance sub-system for the X-20 project at Eglin Air Force Base, Florida, utilizing an NF-101B Voodoo by August 1963. The X-20 project was canceled in December 1963. [15] The Honeywell project, founded in 1968, organized protests against the company to persuade it to abandon weapons production [16]

In 1980, Honeywell bought Incoterm Corporation to compete in both the airline reservations system networks and bank teller markets.

In year 1975, Honeywell introduced the world's first Total Distributed Control System (TDC 2000) that revolutionized the entire process control industry with a centralized view of de-centralized control and a fully redundant communication link for continuous processes. Honeywell further introduced a state-of-the-art Total Distributed Control System 3000 or TDC 3000 in 1985. The new TDC 3000 system adopted a brand new architecture that allowed the existing TDC 2000 system to be integrated with the new system as well as future expansion through a new in-house developed network operating system for performing various plant-wide control, monitoring, alarming, reporting, and historical date storage & retrieval functions. A new modular controller, Process Manager, was introduced in a later date that included advanced control strategies and modeling as part of the new TDC-3000 system. TDC 3000 system was the backbone of Honeywell Industrial Solutions for Petroleum, PetroChem, Fine Chemical, Pulp & Paper, Power Gen, and many other industries. Along with TDC systems, Honeywell also developed a digital communication protocol to allow Honeywell's Smart Transmitters family of products to interface with TDC system in a non-ambiguous digital mode that delivered Honeywell's commitment of total system integration from sensors to boardroom.

Honeywell Information Systems

A 1990 Honeywell-Bull Entry Level Mainframe DPS 7 mainframe Honeywell-Bull DPS 7 Mainframe BWW March 1990.jpg
A 1990 Honeywell-Bull Entry Level Mainframe DPS 7 mainframe

On April 12, 1955, Minneapolis-Honeywell started a joint venture with Raytheon called Datamatic to enter the computer market and compete with IBM. [12] :118 Two years later in 1957, their first computer, the D-1000, was sold and installed. In 1960, just five years after embarking on this venture with Raytheon, Minneapolis-Honeywell bought out Raytheon's interest in Datamatic and turned it into the Electronic Data Processing division, later Honeywell Information Systems (HIS) of Minneapolis-Honeywell. [12] :118 Honeywell also purchased minicomputer pioneer Computer Control Corporation (3C's) in 1966, renaming it as Honeywell's Computer Control Division. Through most of the 1960s, Honeywell was one of the "Snow White and the Seven Dwarfs" of computing. IBM was "Snow White", while the dwarfs were the seven significantly smaller computer companies: Burroughs, Control Data Corporation, General Electric, Honeywell, NCR, RCA, and UNIVAC. Later, when their number had been reduced to five, [17] they were known as "The BUNCH", after their initials: Burroughs, UNIVAC, NCR, Control Data Corporation, and Honeywell.

In 1970 Honeywell acquired GE's computer business forming Honeywell Information Systems which in 1986 became Honeywell Bull (now Groupe Bull), a global joint venture with Compagnie des Machines Bull of France and NEC Corporation of Japan. By 1991 Honeywell was no longer involved in the computer business. [18]

1985–1999: Integration

Aerospace and Defense

1986 marked a new direction for Honeywell, beginning with the acquisition of Sperry Aerospace. [11] In 1990, Honeywell spun off their Defense and Marine Systems business into Alliant Techsystems, as well as their Test Instruments division and Signal Analysis Center to streamline the company's focus. [19] Honeywell continues to supply aerospace products including electronic guidance systems, cockpit instrumentation, lighting, and primary propulsion and secondary power turbine engines. In 1996, Honeywell acquired Duracraft and began marketing its products in the home comfort sector. [20]

Honeywell is in the consortium that runs the Pantex Plant that assembles all of the nuclear bombs in the United States arsenal. [21] [22] Honeywell Federal Manufacturing & Technologies, successor to the defense products of AlliedSignal, operates the Kansas City Plant which produces and assembles 85 percent of the non-nuclear components of the bombs. [23]

Home & building controls

Honeywell also began the SmartHouse project to combine heating, cooling, security, lighting, and appliances into one easily controlled system. They continued the trend in 1987 by releasing new security systems, and fire and radon detectors. Five years later, in another streamlining effort, Honeywell combined their Residential Controls, Commercial Systems, and Protections Services divisions into Home and Building Control, which then acquired the Enviracare air cleaner business. [12] :183 By 1995, Honeywell had condensed into three divisions: Space and Aviation Control, Home and Building Control, and Industrial Control.

Industrial control

Honeywell dissolved its partnership with Yamatake Company and consolidated its Process Control Products Division, Process Management System Division, and Micro Switch Division into one Industrial Control Group. It has further acquired Measurex System and Leeds & Northrup Company to strengthen its portfolio.

1999–2002: Takeovers

AlliedSignal and Pittway

On June 7, 1999, Honeywell was acquired by AlliedSignal, who elected to retain the Honeywell name for its brand recognition. [11] The former Honeywell moved their headquarters of 114 years to AlliedSignal's in Morristown, NJ. While "technically, the deal looks more like an acquisition than a merger...from a strategic standpoint, it is a merger of equals." [24] AlliedSignal's 1998 revenue was reported at $15.1 billion to Honeywell's $8.4 billion, but together the companies share huge business interests in aerospace, chemical products, automotive parts, and building controls.

In 2000, the new Honeywell acquired Pittway for $2.2 billion to gain a greater share of the fire-protection and security systems market, and merged it into their Home and Building Control division, [25] taking on Pittway's $167 million in debt. Analyst David Jarrett commented that "while Honeywell offered a hefty premium, it's still getting Pittway for a bargain" at $45.50 per share, despite closing at $29 the week before. [26] Pittway's Ademco products complemented Honeywell's existing unified controls systems.

General Electric Company

In October 2000, Honeywell (then valued at over $21 billion) accepted a takeover bid from then-CEO Jack Welch of General Electric. [27] The American Department of Justice cleared the merger, while "GE teams swooped down on Honeywell" and "GE executives took over budget planning and employee reviews." However, on July 3, 2001, the European Commission's competition commissioner, Mario Monti blocked the move. [28] This decision was taken on the grounds that with GE's dominance of the large jet engine market (led by the General Electric CF34 turbofan engine), its leasing services (GECAS), and Honeywell's portfolio of regional jet engines and avionics, the new company would be able to "bundle" products and stifle competition through the creation of a horizontal monopoly. US regulators disagreed, finding that the merger would improve competition and reduce prices; United States Assistant Attorney General Charles James called the EU's decision "antithetical to the goals of antitrust law enforcement." [29] [30] This led to a drop in morale and general tumult throughout Honeywell, and in turn, the then-CEO Michael Bonsignore was fired as Honeywell looked to turn their business around.

2002–present: Acquisitions and further expansion

Honeywell glass cockpit, sold under the brand BendixKing AERO Friedrichshafen 2018, Friedrichshafen (1X7A4422).jpg
Honeywell glass cockpit, sold under the brand BendixKing

The current "Honeywell International Inc." is the product of a merger between AlliedSignal and Honeywell Inc. Although AlliedSignal was twice the size of Honeywell, the combined company chose the name "Honeywell" because of its superior brand recognition. However, the corporate headquarters were consolidated to AlliedSignal's headquarters in Morristown, New Jersey, rather than Honeywell's former headquarters in Minneapolis, Minnesota. When Honeywell closed its corporate headquarters in Minneapolis, over one thousand employees lost their jobs. A few moved to Morristown or other company locations, but the majority were forced to find new jobs or retire. Soon after the merger, the company's stock fell significantly, and did not return to its pre-merger level until 2007.

In January 2002 Knorr-Bremse  – who had been operating in a joint venture with Honeywell International Inc. – assumed full ownership of its ventures in Europe, Brazil, and the USA. Bendix Commercial Vehicle Systems became a subsidiary of Knorr-Bremse AG. Although declining in influence, Honeywell maintains a presence in emerging industries, such as Northern Alberta's oil sands. Honeywell's Plant integrator is currently deployed in some of the most important plant-sites in the Oil Sands (Syncrude, Suncor, and others). In February that year, Honeywell's board appointed their next CEO and chairman, David M. Cote. Cote was instrumental in uniting the company cultures of Honeywell, AlliedSignal, and Pittway. Since 2002, Honeywell has made more than 80 acquisitions and 60 divestures, while adding $12 billion in new sales [31] and increasing its labor force to 131,000 as a result of these acquisitions. Under his tenure, Honeywell's stock has nearly tripled from $35.23 in April 2002 to $99.39 as of January 2015. [32]

Honeywell made a £1.2bn ($2.3bn) bid for Novar plc in December 2004. [33] [34] The acquisition was finalized on March 31, 2005. [35] [36] In October 2005, Honeywell bought out Dow's 50% stake in UOP for $825 million, giving them complete control over the joint venture in petrochemical and refining technology. [37] In May 2010, Honeywell outbid UK-based Cinven and acquired the French company Sperian Protection for $1.4 billion, which was then incorporated into its automation and controls safety unit. [38]

Honeywell moved its international headquarters from Morristown to Morris Plains in October 2015. The 475,000-square-foot building on 40 acres in Morris Plains features state-of-the-art technology and greater energy efficiency than Honeywell's Morristown campus, which was underutilized, outdated and costly, according to Cote.

On December 29, 2015, Honeywell completed the sale of Elster for US$5.1B (announced on July 28, 2015) entering the space of gas electricity and water meters with a specific focus on smart meters and hoped to be a growth driver for Honeywell in 2016 and beyond. The deal also complements the HON Combustion business with the addition of Elster with strong brands such as Kromschroeder and Eclipse. Honeywell International Inc. then acquired the 30% stake in UOP Russell LLC it didn't own already for roughly $240 million in January 2016. [39] In February, Honeywell entered into a definitive agreement to acquire Xtralis, a leading global provider of aspirating smoke detection along with advanced perimeter security technologies and video analytics software, for $480 million from funds advised by Pacific Equity Partners and Blum Capital Partners. The deal was completed on April 1, 2016. [40] In May 2016, Honeywell International Inc. settled its patent dispute regarding Google subsidiary Nest Labs, whose thermostats Honeywell claimed infringed on several of its patents. Google parent Alphabet Inc. and Honeywell said they reached a "patent cross-license" agreement that "fully resolves" the long-standing dispute. Honeywell sued Nest Labs in 2012. [41] On September 12, 2016, Morris Plain, N.J.-based Honeywell announced that it would invest $20 million in the first-of-its-kind software development center and relocate the headquarters of its nearly $10 billion home and building technologies division from suburban Minneapolis to Atlanta. The expansion will add more than 800 jobs. [42] [43]

David Cote stepped down as CEO on April 1, 2017, and was succeeded by Darius Adamczyk, who had been promoted to president and chief operating officer (COO) the previous year. Cote served as executive chairman through April 2018. [44] On October 10, 2017, Honeywell announced plans to spinoff its Homes, ADI Global Distribution, and Transportation Systems businesses into two separate, publicly traded companies by the end of 2018. [45]

On November 29, 2018, Honeywell announced they will move their headquarters to Charlotte. [10]

Finances

For the fiscal year 2017, Honeywell reported earnings of US$1.933 billion, with an annual revenue of US$40.534 billion, an increase of 3.1% over the previous fiscal cycle. Honeywell's shares traded at over $131 per share, and its market capitalization was valued at over US$108.1 billion in October 2018. [46]

YearRevenue
in mil. US$
Net income
in mil. US$
Total Assets
in mil. US$
Price per share
in US$
Employees
200527,6521,63831,63326.77
200631,3672,08330,94130.221
200734,5892,44433,80541.21
200836,55680635,49037.22
200929,9511,54835,99327.29
201032,3502,02237,83436.35
201136,5292,06739,80845.53
201237,6652,92641,85351.41
201339,0553,92445,43570.81131,000
201440,3064,23945,45185.54127,000
201538,5814,76849,31695.02129,000
201639,3024,80954,146106.50131,000
201740,5341,65559,387131.48131,000

Business units

Honeywell International is divided into five Strategic Business Groups (SBG): Honeywell Aerospace, Home and Building Technologies, Safety and Productivity Solutions, Honeywell Performance Materials and Technologies, and Honeywell Connected Enterprise. Within SBGs are Strategic Business Units (SBU). [4] [47] [48]

Aerospace

Honeywell Aerospace is a global provider of integrated avionics, engines, systems and service solutions for aircraft manufacturers, airlines, business and general aviation, military, space and airport operations. Its Commercial Aviation, Defense & Space and Business & General Aviation business units serve aircraft manufacturers, airlines, business and general aviation, military, space and airport operations. [49] [50]

In January 2014, Honeywell Aerospace launched its SmartPath Precision Landing System at Malaga-Costa del Sol Airport in Spain, which augments GPS signals to make them suitable for precision approach and landing, before broadcasting the data to approaching aircraft. [51] In July 2014, Honeywell's Transportation Systems merged with the Aerospace division due to similarities between the businesses. [52]

In April 2018, Honeywell announced to develop laser communication products for satellite communication in collaboration with Ball Aerospace and plans future volume production. [53]

Commercial Aviation

The Honeywell Commercial Aviation business unit creates products for large commercial and regional aircraft such as auxiliary power units (APUs), aircraft environmental control systems, electric power systems, engine system accessories, flight data and cockpit voice recorders, air traffic management solutions, radar, navigation and communications systems, aircraft lighting, wheels and brakes. [49]

Defense & Space

Honeywell Defense & Space business unit creates products such as the Honeywell RQ-16 T-Hawk for the military and space markets including propulsion engines, APUs, environmental control systems, electric power systems, Avionics and flight management systems, radar, navigation and communications systems, inertial sensors, guidance systems, gyroscopes. It also provides logistics services, including depot maintenance and prepositioning, and space systems operations for engineering, designing, fabricating, installing, operating, and maintaining satellite command and control systems. [49]

Business & General Aviation

Honeywell Business & General Aviation business unit's products include aircraft lighting, auxiliary power units, cabin entertainment, cockpit displays, Communication, navigation and surveillance, flight management systems, and propulsion engines. The business group offers services such as flight planning, planning & scheduling, and maintenance and monitoring. [49]

Transportation Systems

Honeywell Transportation Systems produces engine boosting turbochargers for passenger cars and commercial vehicles. [49]

Home and Building Technologies

Honeywell HBT was created when the SBG Automation and Control Solutions was split into two new SBGs, HBT and Safety and Productivity Solutions, in July 2016. [4] On December 7, 2017, Honeywell announced that it has acquired SCAME, an Italy-based company, to add new fire and gas safety capabilities to its portfolio. [54]

Honeywell Building Solutions

Honeywell Building Solutions (HBS) products and services provide energy efficiency and security in buildings and communities. Smart grid, microgrid and on-site power generation, integrated security, building controls, automation, and management, system service, maintenance and optimization, and smart building are examples of the technologies produced by the HBS business unit. HBS optimizes automation technology, designs and delivers microgrids that provide energy security, and delivers demand response and energy-efficiency programs to help utilities and the electrical grid operate optimally. [55] [56] [57] [58]

In June 2016, Honeywell announced a new release of its building management system, Enterprise Buildings Integrator (EBI) to support the Middle East region's smart building and cities ambitions. In a statement, Honeywell said that EBI R500 leverages the connectivity of today's buildings to help make them more strategic assets that are green, safe and productive. [59]

Honeywell Smarthomes serve customers worldwide to control technologies for buildings, homes and industry; turbochargers; and performance materials. We are building a smarter, safer, and more sustainable world. [60]

Environmental and Energy Solutions

Honeywell Environmental and Energy Solutions serves industrial and consumer customers. Products include air quality, commercial combustion, commercial components, industrial components, home thermostats (including smart and wi-fi thermostats), residential combustion, whole house air quality, whole house water treatment and control, HVAC zoning, and hydronic heating. [55]

Honeywell Security and Fire

Honeywell Security and Fire manufactures electronic security systems, intrusion detection systems, and fire alarms for commercial businesses. They also manufacture products that cover commercial fire alarm and emergency communication systems as well as fire detection and notification devices. [55] The First Alert Professional brand was acquired by Honeywell. The brand was originally owned by Pittway Corp which franchised a network of independently owned security and fire alarm dealers in the western hemisphere from the early 1990s known as First Alert Professional Security Systems. For two decades, First Alert Professional branded (private labelled) security and fire alarm panels and Keypads were manufactured by Ademco, Inc., now owned by Honeywell.

Safety and Productivity Solutions

Honeywell SPS was created when the SBG Automation and Control Solutions was split into two new SBGs, Home and Building Technologies and Safety and Productivity Solutions, in July 2016. [4]

Scanning & Mobility

Products in Honeywell Scanning & Mobility (HSM) include mobile computers and bar code scanners, radio frequency identification solutions, voice-enabled workflow and printing solutions. In 2013, Honeywell completed the acquisition of Intermec, which included the Vocollect and Enterprise Mobile brands, and integrated them into Honeywell Scanning & Mobility. [55] [61]

Sensing and Internet of Things

Honeywell Sensing and Internet of Things (Honeywell SIoT) produces over 50,000 products ranging from snap action, limit, toggle and pressure switches to position, speed and airflow sensors. [55]

Industrial Safety

Honeywell Industrial Safety produces fixed and portable gas detection systems and personal protective equipment, including: protective clothing; fall and hearing protection products; solutions that protect hands, head, feet, eyes and face; first responder gear (turnout gear, EMS, helmets, gloves, boots and hoods), along with respiratory, welding, first-aid, lockout/tagout and traffic safety equipment. [55] Brands include Xtratuf.

Performance Materials and Technologies

The Honeywell Performance Materials and Technologies strategic business group is divided into six business units. Products include process technology for oil and gas processing, fuels, films and additives, special chemicals, electronic materials, and renewable transport fuels. [62] [63] [64]

Honeywell UOP

Honeywell UOP is a wholly owned subsidiary of Honeywell International Inc. and is part of Honeywell's Performance Materials and Technologies strategic business group. Honeywell UOP is an international supplier and licensor of process technology, catalysts, adsorbents, process plants, and consulting services to the petroleum refining, petrochemical, and gas processing industries. [65] [66]

Honeywell Process Solutions

Honeywell Process Solutions offers automation control solutions to customers internationally. It serves the process and hybrid industries, including refining, oil and gas, pulp and paper, mining, minerals and metals, bulk and batch chemicals, petrochemicals, pharmaceuticals, power transmission and distribution, and power generation. [65]

Fluorine Products

Honeywell Fluorine Products produces refrigerants, foam insulation blowing agents, aerosols, and solvents. [65]

Electronic Materials

Honeywell Electronic Materials manufactures and supplies the semiconductor industry with electronic chemicals, electronic polymers, targets coil sets and metals, advanced packaging, and thermocouples. [65]

Resins & Chemicals

Honeywell Resins and Chemicals sells chemical intermediates, including phenol, cyclohexanone and acetone. It is also a major producer of ammonium sulfate fertilizer, a co-product of caprolactam production, which is sold under the Sulf-N® brand. [65] This division was spun off as AdvanSix in 2016. [67]

Specialty Materials

Honeywell Specialty Materials products include specialty films and additives; advanced fibers and composites; intermediates; specialty chemicals; and technologies and materials for petroleum refining. [65]

Corporate governance

Darius AdamczykChairman and chief executive officer of Honeywell
Duncan B. AngovePresident of Infor, Inc.
William S. AyerRetired chairman of the board and chief executive officer of Alaska Air Group
Kevin BurkeNon-executive chairman of Consolidated Edison, Inc. (Con Edison)
Jaime Chico PardoPresident and chief executive officer, ENESA, S.A. de C.V. (ENESA)
D. Scott DavisChairman and chief executive officer of United Parcel Service, Inc. (UPS)
Linnet F. DeilyFormer Deputy U.S. Trade Representative and ambassador
Judd GreggFormer U.S. Senator from New Hampshire
Clive R. HollickFormer chief executive officer of United Business Media
Grace D. LiebleinVice president of global purchasing and supply chain of General Motors Corporation (GM)
George PazChairman and chief executive officer of Express Scripts Holding Company
Bradley T. ShearesFormer chief executive officer of Reliant Pharmaceuticals, Inc.
Robin L. WashingtonExecutive vice president and chief financial officer of Gilead Sciences, Inc.

Current as of April 23, 2018 [68]

Products and services

A Honeywell digital compass sensor mounted on a circuit board Digital Compass sensor.jpg
A Honeywell digital compass sensor mounted on a circuit board

A more extensive list of products is available at List of Honeywell products and services.

Aircraft

Missiles and rockets

Honeywell Scanning and Mobility

Acquisitions

Honeywell's acquisitions have consisted largely of businesses aligned with the company's existing technologies. The acquired companies are integrated into one of Honeywell's four business groups (Aerospace, Home and Building Technologies (HBT), Safety and Productivity Solutions (SPS), or Performance Materials and Technologies (PMT)) but retain their original brand name.

AcquisitionBusiness Group
2017
Nextnine [69] PMT
SCAME Sistemi [70] HBT
FLUX [71] [a] SPS
2016
Com Dev [72] Aerospace
RSI [73] HBT
Intelligrated [74] SPS
Xtralis [75] HBT
Movilizer [76] SPS
UOP Russell LLC [77] PMT
2015
Seelze [78] PMT
Elster [79] ACS
Datamax-O'Neil [80] SPS
2013
Saia Burgess Controls [81] ACS
Intermec [82] SPS
RAE Systems [83] SPS
2012
Fire Sentry [84] ACS
InnCom [85] ACS
Thomas Russell LLC [86] PMT
2011
EMS [87] SPS/Aerospace
Iris Systems [88] HBT
Kings Safety Shoes [89] SPS
2010
Akuacom [90] ACS
Matrikon [91] PMT
E-Mon [92] ACS
Sperian [38] ACS
2009
RMG [93] PMT
Cythos [94] ACS
2008
AV Digital Audio-Videotechnik GmbH [95] ACS
Energy Services Group, LLC [96] ACS
Metrologic [97] SPS
IAC [98] Aerospace
Callidus [99] PMT
Norcross [100] SPS
2007
Plant Automation Systems, Inc. (PAS) [101] ACS
Dimensions Int'l [102] Aerospace
ActiveEye [103] SPS
Burtek [104] ACS
Ex-Or [105] ACS
Enraf Holdings B.V. [106] SPS
Handheld Products [107] SPS
Maxon Corporation [108] ACS
2006
Sempra Energy Services [96] ACS
First Technology [109] SPS
Gardiner Group [110] HBT
2005
UOP LLC [37] PMT
Novar Controls [111] HBT
Zellweger [112] SPS
LebowSPS
InterCorr International, Inc. [113] SPS
Tridium, Inc. [114] HBT
2004
Hymatic Group [115] Aerospace
Genesis Cable [116] HBT
HomMed, LLC [117] SPS
Aube Technologies [118] HBT
Vindicator [119] HBT
Electro-Radiation Incorporated (ERI) [120] Aerospace
Edgelinx [121] HBT
GEM Microelectronics [122] PMT
2003
Silent Witness [123] HBT
Sensotec [124] SPS
Baker Electronics [125] Aerospace
Gamewell [126] HBT
Olympo [127] HBT
FutureSmart [128] HBT
Kolon Films [129] PMT
Betatech [130] HBT
2002
Invensys Sensor Systems [131] SPS
Chadwick Helmuth [132] [133] Aerospace
Ultrak [134] HBT
Mora Moravia [135] Aerospace
Shanghai Alarm [136] HBT

Environmental record

The United States Environmental Protection Agency states that no corporation has been linked to a greater number of Superfund toxic waste sites than has Honeywell. [137] Honeywell ranks 44th in a list of US corporations most responsible for air pollution, releasing more than 4.25 million kg (9.4 million pounds) of toxins per year into the air. [138] In 2001, Honeywell agreed to pay $150,000 in civil penalties and to perform $772,000 worth of reparations for environmental violations involving: [139]

In 2003, a federal judge in Newark, New Jersey, ordered the company to perform an estimated $400 million environmental remediation of chromium waste, citing "a substantial risk of imminent damage to public health and safety and imminent and severe damage to the environment." [140] In the same year, Honeywell paid $3.6 million to avoid a federal trial regarding its responsibility for trichloroethylene contamination in Lisle, Illinois. [141] In 2004, the State of New York announced that it would require Honeywell to complete an estimated $448 million cleanup of more than 74,000 kg (165,000 lbs) of mercury and other toxic waste dumped into Onondaga Lake in Syracuse, NY from a former Allied Chemical property. [142] Honeywell established three water treatment plants by November 2014, and the chemicals cleanup site removed 7 tons of mercury. [143] In November 2015, Audubon New York gave the Thomas W. Keesee, Jr. Conservation Award to Honeywell for its cleanup efforts in “one of the most ambitious environmental reclamation projects in the United States.” [144] By December 2017, Honeywell completed dredging the lake [145] and, later that month, the Department of Justice filed a settlement requiring Honeywell to pay a separate $9.5 million in damages, as well build 20 restoration projects on the shore to help repair the greater area surrounding the lake. [145]

In 2005, the state of New Jersey sued Honeywell, Occidental Petroleum, and PPG to compel cleanup of more than 100 sites contaminated with chromium, a metal linked to lung cancer, ulcers, and dermatitis. [146] In 2008, the state of Arizona made a settlement with Honeywell to pay a $5 million fine and contribute $1 million to a local air-quality cleanup project, after allegations of breaking water-quality and hazardous-waste laws on hundreds of occasions between the years of 1974 and 2004. [147]

In 2006, Honeywell announced that its decision to stop manufacturing mercury switches had resulted in reductions of more than 11,300 kg, 2800 kg, and 1500 kg respectively of mercury, lead, and chromic acid usage. The largest reduction represents 5% of mercury use in the United States. [148] The EPA acknowledged Honeywell's leadership in reducing mercury use through a 2006 National Partnership for Environmental Priorities (NPEP) Achievement Award for discontinuing the manufacturing of mercury switches. [149]

Harvey Cox holding a Honeywell fragmentation bomb (1973) Harvey Cox (1973).jpg
Harvey Cox holding a Honeywell fragmentation bomb (1973)

Criticism

On March 10, 2013, the WSJ reported that Honeywell was one of sixty companies that shielded annual profits from U.S. taxes. [150] In December 2011, the non-partisan liberal organization Public Campaign criticized Honeywell International for spending $18.3 million on lobbying and not paying any taxes during 2008–2010, instead getting $34 million in tax rebates, despite making a profit of $4.9 billion, laying off 968 workers since 2008, and increasing executive pay by 15% to $54.2 million in 2010 for its top 5 executives. [151]

Honeywell has also been criticized in the past for its manufacture of deadly and maiming weapons, such as cluster bombs. [152]

See also

Notes

[a] - Honeywell acquired a 25% stake in FLUX and a 75% stake in a new joint venture focused outside of China. [153]

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Preceded by
AlliedSignal
Dow Jones Industrial Average component
December 2, 1999 – February 9, 2008
Succeeded by
Chevron Corporation