Euro Weakness Spurs Honeywell to Hedge for First Time
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Honeywell International Inc. Chief Executive Officer Dave Cote reversed his policy of avoiding currency hedges amid concern the euro may sink further.
The company will hedge half of its euro exposure beginning in 2015, Chief Financial Officer Tom Szlosek said in a telephone interview. It’s the first time that Morris Township, New Jersey-based Honeywell will hedge in at least a decade to protect against the earnings impact from a currency decline.