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honeywell international inc (HON) Key Developments

Honeywell to Handle Critical Project Management and Engineering for A Third Oil and Natural Gas Platform

Honeywell announced it has been selected to handle critical project management and engineering for a third oil and natural gas platform that will tap energy reserves off the coast of Vietnam. Hoang Long Joint Operating Co. (HLJOC) will operate the TGT-H5 wellhead platform located in the Te Giac Trang (TGT) Field off the southern coast of Vietnam. HPS served as the main contractor and provided control and safety solutions for HLJOC's two other platforms that are currently operating in the TGT Field. Along with turnkey project management and engineering of the new platform's topside structures, HPS will install an integrated Honeywell control and safety solution, including a new fire and gas system, to improve automation, increase cyber and physical security, and improve operator effectiveness. TGT-H5 plans to begin production in fourth quarter of 2015. Total production from the three platforms is expected to be about 50,000 barrels of crude oil per day. The new contract includes engineering management and integration with the two existing TGT platforms, the floating production storage and offloading (FPSO) vessel that processes the hydrocarbons produced by the platforms, and remote monitoring from the HLJOC office in Ho Chi Minh City. Specific technology to be used on the H5 platform includes Experion PKS, C300 Controller, and Safety Manager.

Honeywell Reaffirms Earnings Guidance for the First Quarter and Full Year of 2015

Honeywell reaffirmed earnings guidance for the first quarter and full year of 2015. For first quarter, it reaffirmed the guidance of EPS between $1.36 and $1.41 compared to the $1.40 average estimate. For the year, the company expects sales between $40.5 billion to $41.1 billion, operating income margin (ex-pension MTM) between 16.7% to 17.0%, adjusted earnings growth of between 7% and 11% to between $5.95 per share to $6.15 per share compared to the $6.10 average estimate.

OneWeb Ltd. Partners with Honeywell Aerospace to Bring High-Speed Internet to Billions

Honeywell Aerospace and OneWeb Ltd. said they have signed a memorandum of understanding under which Honeywell will provide aircraft equipment and airtime services to bring the benefits of OneWeb's planned satellite constellation to business, commercial and military aircraft. OneWeb is building a constellation of more than 600 satellites, which will provide approximately 10 terabits per second of high-speed Internet access to billions of people around the world, even in the most remote areas. When launched, OneWeb's constellation will be the telecommunications constellation in orbit, enabling more capacity with higher speed and lower latency than any satellite technology to date. The OneWeb satellite constellation is expected to be operational in approximately four years. Under the agreement, Honeywell will provide business jet, commercial airline and military aviation customers with aircraft hardware and airtime services that could include weather, navigation and health monitoring of the aircraft through the OneWeb satellite constellation. In addition, Honeywell will work with OneWeb to explore in-orbit satellite equipment supply for the 600-plus satellite constellation.

Honeywell Partners with Metabolix, Inc. to Develop Marine Biodegradable Ingredients for Personal Care Products

Metabolix, Inc. announced that it has entered into a global, exclusive commercial and technology alliance with Honeywell to offer new marine biodegradable biopolymers for use in cosmetics and personal care products. Through the alliance, Metabolix's Mirel polyhydroxyalkanoate (PHA) biopolymers will be developed as part of Honeywell's Asensa line of personal care additives to help address pending legislation in the U.S. focused on replacing synthetic, non-biodegradable microbeads, as well as global demand for biobased and biodegradable alternatives. This technology is intended to meet increasing regulatory and other requirements around the world for personal care microbeads that biodegrade in marine and fresh water environments. Using applicable ASTM test methods, the marine biodegradability of Mirel PHA biopolymers has been shown to be similar to that of cellulose and paper, and is faster than other commercially available biodegradable polymers.

Honeywell International Inc. plans to Close Cranston Plant by End of Year 2016

Honeywell International Inc. announced that it will close its Cranston plant by the end of next year 2016. The company, which makes safety equipment at the Cranston plant, said it will phase out operations starting later this year, ending in 2016. Manufacturing and distribution employees will be laid off, but non-production employees will be moved to Honeywell's Smithfield site.


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