Honeywell (HON)

Honeywell (NYSE:HON) | Products & Business Units

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Honeywell International Inc. is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business and transportation. Honeywell was incorporated in Delaware in 1985. The company is headquartered in Morris Township, New Jersey.

On January 7, 2014, Honeywell entered into a definitive agreement to sell its Friction Materials business to Federal-Mogul Holdings Corporation for approximately $155 million. The transaction closed on July 14, 2014. The sale of Friction Materials, which was part of the Transportation Systems segment, is consistent with the Honeywell's strategic focus on its portfolio of differentiated global technologies. Following the closing of the sale, Honeywell moved the remaining Transportation Systems businesses into the Aerospace segment. Under the realigned segment reporting structure, Honeywell has three business segments: Aerospace, Automation and Control Solutions and Performance Materials and Technologies.

Honeywell manages its business operations through four principal businesses segments:

Aerospace
Automation and Control Solutions
Performance Materials and Technologies (formerly Specialty Materials)



The following table highlights Honeywell's sales from 2012 to 2014 by segment:
Honeywell's Segment Sales



A description of the business of each of the company's segments is set forth below.


Aerospace

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Honeywell's Aerospace Segment is a leading global supplier of aircraft engines, avionics, and related products and services for aircraft manufacturers, airlines, aircraft operators, military services, and defense and space contractors. Honeywell's aerospace products and services include auxiliary power units, propulsion engines, environmental control systems, electric power systems, engine controls, flight safety, communications, navigation, radar and surveillance systems, aircraft lighting, management and technical services, logistics services, advanced systems and instruments, aircraft wheels and brakes, and repair and overhaul services. The Aerospace Segment sells its products to original equipment manufacturers (OEMs) in the air transport, regional, business and general aviation aircraft segments, and provides spare parts and repair and maintenance services for the aftermarket (principally to aircraft operators). The United States Government is a major customer for Honeywell's defense and space products.

In the following, all of Honeywell's major aerospace product groups and products are listed:



Turbine Propulsion Engines


TFE731 turbofan; TFE1042 turbofan; ATF3 turbofan; F125 turbofan; F124 turbofan; ALF502 turbofan; LF507 turbofan; CFE738 turbofan; HTF 7000 turbofan; T53 turboshaft; T55 turboshaft; CTS800 turboshaft; HTS900 turboshaft; LT101 turboshaft; TPE 331 turboprop; AGT1500 turboshaft; and Repair, overhaul and spare parts.



Auxiliary Power Units (APUs)


Airborne auxiliary power units; Jet fuel starters; Secondary power systems; Ground power units; and Repair, overhaul and spare parts.



Environmental Control Systems


Air conditioning; Air conditioning; Bleed air; Cabin pressure control; Air purification and treatment; Gas Processing; Heat Exchangers; and Repair, overhaul and spare parts



Electric Power Systems


Generators; Power distribution & control; Power conditioning; and Repair, overhaul and spare parts.



Engine Systems Accessories


Electronic and hydromechanical fuel controls; Engine start systems; Electronic engine controls; Sensors; Valves; Electric and pneumatic power generation systems; and Thrust reverser actuation, pneumatic and electric.



Avionics, Displays, Flight Guidance and Flight Management Systems


Flight data and cockpit voice recorders; Integrated avionics systems; Flight management systems; Cockpit display systems; Data management and aircraft performance monitoring systems; Aircraft information systems; Network file servers; Wireless network transceivers; Weather information network; Navigation database information; Cabin management systems; Vibration detection and monitoring; Mission management systems; Tactical data management systems; Maintenance and health monitoring systems; and Flight control and autopilot systems



Radios, Radar, Navigation/Communication Systems, and Datalink Safety Systems


Enhanced Ground Proximity Warning Systems (EGPWS); Traffic Alert and Collision Avoidance Systems (TCAS); Windshear detection systems; Navigation and guidance systems; Global positioning systems; and Satellite systems



Aircraft Lighting


Interior and exterior aircraft lighting.



Inertial Sensors


Inertial sensor systems for guidance, stabilization, navigation and control; Gyroscopes, accelerometers, inertial measurement units and thermal switches; and Attitude and heading reference systems.



Control Products


Radar altimeters; Pressure products; Air data products; Thermal switches; and Magnetic sensors



Space Products and Subsystems


Guidance subsystems; Control subsystems; Processing subsystems; Radiation hardened electronics and integrated circuits; GPS-based range safety systems; and Gyroscopes



Management and Technical Services


Maintenance/operation and provision of space systems, services and facilities; Systems engineering and integration; Information technology services; Logistics and sustainment.



Landing Systems


Wheels and brakes; Wheel and brake repair and overhaul services.

     Financial results for Honeywell's Aerospace Systems segment were as follows:
Performance of Honeywell's principal lines of business

Aerospace sales decreased primarily due to the Friction Materials divestiture and an increase in OEM incentive payments, partially offset by an increase in organic sales. Commercial Original Equipment sales decreased by 2% (increased by 3% organic) primarily due to an increase in OEM Incentive Payments to air transport and regional OEMs, partially offset by higher air transport volumes, consistent with the OE Manufacturers’ higher production rates, and business and general aviation engine shipments. Commercial Aftermarket sales increased by 3% driven primarily by higher sales of spare parts to air transport and regional customers, partially offset by a decline in retrofits, modifications and upgrades and lower repair and overhaul activities for Honeywell's business and general aviation customers. Defense and Space sales decreased by 2% primarily due to lower U.S. government services revenue and the absence of a prior year royalty gain, partially offset by growth in international programs. Transportation Systems sales decreased by 3% (increased by 5% organic) primarily due to the Friction Materials divestiture, partially offset by continued growth from new platform launches, higher global turbo gas penetration and increased commercial vehicle demand in Europe.

Aerospace segment profit increased by 2% due to an 8% increase in operational segment profit, partially offset by a 6% unfavorable impact from acquisitions, divestitures and other (predominantly higher OEM Incentive Payments and the absence of a prior year royalty gain). The increase in operational segment profit is driven primarily by favorable price and productivity, net of inflation. Cost of products and services sold totaled $11.7 billion in 2014, a decrease of $190 million.


Automation and Control Solutions (ACS)

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ACS provides innovative products and solutions that make homes, buildings, industrial sites and infrastructure more efficient, safe and comfortable. Honeywell's ACS products and services include controls and displays for heating, cooling, indoor air quality, ventilation, humidification, combustion, lighting and home automation; advanced software applications for home/building control and optimization; sensors, switches, control systems and instruments for measuring pressure, air flow, temperature and electrical current; security, fire and gas detection; personal protection equipment; access control; video surveillance; remote patient monitoring systems; products for automatic identification and data collection; installation, maintenance and upgrades of systems that keep buildings safe, comfortable and productive; and automation and control solutions for industrial plants, including field instruments and advanced software and automation systems that integrate, control and monitor complex processes in many types of industrial settings as well as equipment that controls, measures and analyzes natural gas production and transportation.

In the following, all Honeywell's major product groups and products are listed:



Environmental and Combustion Controls; Sensing Controls


Heating, ventilating and air conditioning controls and components for homes and buildings; Indoor air quality products - including zoning, air cleaners, humidification, heat and energy recovery ventilators; Controls plus integrated electronic systems for burners, boilers and furnaces; Consumer household products - including humidifiers and thermostats; Electrical devices and switches; Water controls; Sensors, measurement, control and industrial components; Energy demand/response management products and services.



Security and Life Safety Products and Services


Security products and systems; Fire products and systems; Access controls and closed circuit television; Home health monitoring and nurse call systems; Gas detection products and systems; Emergency lighting; Distribution; Personal protection equipment.



Scanning and mobility


Hand held and hands free image and laser based bar code scanners; Scan engines; Rugged mobile and wireless computers for use in hand held and vehicle mount applications; Satellite tracking hardware, airtime services and applications; Search & Rescue ground stations and system software.



Process Automation Products and Solutions


Advanced control software and industrial automation systems for control and monitoring of continuous, batch and hybrid operations; Production management software; Communications systems for Industrial Control equipment and systems; Consulting, networking engineering and installation; Terminal automation solutions; Process control instrumentation; Field instrumentation; Analytical instrumentation; Recorders and controllers; Critical environment control solutions and services; Aftermarket maintenance, repair and upgrade; Gas control, measurement and analyzing equipment.



Building Solutions and Services


HVAC and building control solutions and services; Energy management solutions and services, including demand response and automation; Security and asset management solutions and services; Enterprise building integration solutions; Building information services; Airport lighting and systems, visual docking guidance systems.

     Financial results for Honeywell's Automation and Control Solutions (ACS) segment were as follows:
Performance of Honeywell's principal lines of business

ACS sales increased by 8% in 2014 compared with 2013, primarily due to growth from acquisitions, net of divestitures and organic sales growth, partially offset by the unfavorable impact of foreign exchange. Sales in the Energy, Safety & Security businesses increased by 11% (4% organic) in 2014 principally due to (i) acquisitions, net of divestitures, (ii) higher global sales volumes in Honeywell's Environmental and Combustion Controls business driven by strong U.S. residential market conditions and new product introductions, (iii) increases in sales volumes in the company's Fire and Industrial Safety businesses driven by organic growth in all regions and (iv) increases in sales volumes in Honeywell's Scanning and Mobility business in the second half of 2014. Sales in the Building Solutions & Distribution business increased by 1% (2% organic) in 2014 principally due to increased sales volumes in our Americas Distribution business partially offset by softness in the U.S. energy retrofit business.

ACS segment profit increased by 11% in 2014 compared with 2013 due to a 9% increase in operational segment profit and a 3% increase from acquisitions, net of divestitures, partially offset by the unfavorable impact of foreign exchange. The increase in operational segment profit is primarily the result of higher sales volumes and the positive impact of price and productivity, net of inflation partially offset by continued investment for growth. Cost of products and services sold totaled $9.4 billion in 2014, an increase of $575 million which is primarily due to higher sales volume, acquisitions, net of divestitures and inflation, partially offset by productivity and the favorable impact of foreign exchange.


Performance Materials and Technologies (PMT)

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PMT develops and manufactures high-purity, high-quality and high-performance chemicals and materials for applications in the refining, petrochemical, automotive, healthcare, agricultural, packaging, refrigeration, appliance, housing, semiconductor, wax and adhesives segments. Performance Materials and Technologies also provides process technology, products, including catalysts and adsorbents, and services for the petroleum refining, gas processing, petrochemical, renewable energy and other industries. Performance Materials and Technologies' product portfolio includes fluorocarbons, hydrofluoroolefins, caprolactam, resins, ammonium sulfate for fertilizer, phenol, specialty films, waxes, additives, advanced fibers, customized research chemicals and intermediates, electronic materials and chemicals, catalysts, and adsorbents.

In the following, all Honeywell's major product groups and products are listed:



Resins & Chemicals


Nylon 6 polymer; Caprolactam; Ammonium sulfate; Phenol; Acetone; Cyclohexanone; MEKO.



Hydrofluoric Acid (HF)


Anhydrous and aqueous hydrofluoric acid.



Fluorocarbons


Refrigerants, aerosol and insulation foam blowing agents; Refrigerants, blowing agents, aerosols and solvents; Oxyfume sterilant gases; Ennovate 3000 blowing agent for refrigeration insulation.



Nuclear Services


UF6 conversion services.



Research and Fine Chemicals


Oxime-based fine chemicals; Fluoroaromatics; High-purity solvents.



Performance Chemicals, Imaging Chemicals, and Chemical Processing Sealants


HF derivatives; Fluoroaromatics; Catalysts; Oxime-silanes.



Advanced Fibers & Composites


High modulus polyethylene fiber and shield composites; Aramid shield composites.



Healthcare and Packaging


Cast nylon film; Bi-axially oriented nylon film; Fluoropolymer film.



Specialty Additives


Polyethylene waxes; Paraffin waxes and blends; PVC lubricant systems; Processing aids; Luminescent pigments Adhesives.



Electronic Chemicals


Ultra High-Purity HF; Inorganic acids; Hi-purity solvents.



Semiconductor Materials and Services


Interconnect-dielectrics; Interconnect-metals; Semiconductor packaging materials; Advanced polymers; Anti-reflective coatings; Thermo-couples.



Catalysts, Adsorbents and Specialties


Catalysts; Molecular sieves; Adsorbents; Customer catalyst manufacturing.



Process Technology and Equipment


Technology licensing and engineering design of process units and systems; Engineered products; Proprietary equipment; Training and development of technical personnel; Gas processing technology.



Renewable Fuels and Chemicals


Technology licensing of process, catalysts, absorbents, refining equipment and services for producing renewable-based fuels and chemicals.

     Financial results for Honeywell's Performance Materials and Technologies segment were as follows:
Performance of Honeywell's principal lines of business

PMT sales increased by 4% due to 5% increase in organic sales partially offset by the unfavorable impact of foreign exchange. UOP sales increased by 8% driven primarily by higher catalyst and gas processing volumes partially offset by lower equipment and service revenues in the first nine months. Catalyst sales decreased in the fourth quarter due to the timing of shipments as well as stronger volume growth in the fourth quarter of 2013 as compared to 2014 which was partially offset by increased licensing revenues. Sales in Honeywell's Process Solutions business increased by 1% (4% organic) driven primarily by volume growth in advanced solutions software and services and field products partially offset by unfavorable foreign exchange, predominately in the fourth quarter. Project and service orders and backlog increased in 2014.

Advanced Materials sales increased by 3% primarily driven by increased volume in Fluorine Products and Resins and Chemicals, partially offset by unfavorable pricing most significantly in Fluorine Products and Resins and Chemicals. Honeywell anticipates unfavorable pricing to continue in 2015 primarily in Resins and Chemicals where sales fluctuate with the market price of certain raw materials, which are correlated to the price of oil.

PMT segment profit increased by 5% due to a 6% increase in operational segment profit partially offset by the unfavorable impact of foreign exchange. The increase in operational segment profit is primarily due to higher sales volumes and productivity, net of inflation partially offset by unfavorable Advanced Materials pricing, continued investment for growth and unfavorable foreign exchange. Cost of products and services sold totaled $7.2 billion in 2014, an increase of $247 million which is primarily due to higher volume and continued investment for growth partially offset by productivity, net of inflation and the favorable impact of foreign exchange.

Company Information

Revenues ('14): $40,306M +3.2%

R&D ('14): $1,892M +4.9%

Net Profit ('14): $4,329M +9.3%

CAPEX ('14): $1,094M +15.5%

Honeywell - Tier I

Products News Subsidiaries Acquisitions Competitors Customers R&D Spending 5-Year Financials

Aerospace Sector:

 Avionics; Motion & Flow Control; Aircraft Engines

Honeywell Products:


Aircraft turbofan, turboprop, and turboshaft engines; Auxiliary power units (APUs); Environmental control systems; Generators; Power distribution & control; Power conditioning; Electronic and hydromechanical fuel controls; Engine start systems; Electronic engine controls; Sensors; Valves; Electric and pneumatic power generation systems; Thrust reverser actuation; Flight safety systems; Enhanced Ground Proximity Warning Systems (EGPWS); Traffic Alert and Collision Avoidance Systems (TCAS); Windshear detection systems; Flight data and cockpit voice recorders; Weather radar; Communication, navigation and surveillance system; Navigation and guidance systems. See more products below!

Honeywell's Major DoD Defense Programs:


| C-17 | C-27J | C-130 | CH-47 | F/A-18E/F | F-22 Raptor | F-35 Lightning II | JDAM |
| M1 Abrams | HH-60M | MH-60R | MH-60S | UH-60 Black Hawk | THAAD | V-22 Osprey |

Honeywell's Commercial Programs:


| Airbus: A320 Series, A330, A350 XWB, A380 |
| Boeing: 737NG, 747-8, 767, 777, 787 | Bombardier: CRJ | Embraer: ERJ |

Sales 2010-2014 Net Income 2010-2014 R&D Spending 2010-2014 # Employees 2010-2014

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