Honeywell

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For other uses, see Honeywell (disambiguation).
Honeywell International, Inc.
Type Public
Traded as NYSEHON
S&P 500 Component
Industry Conglomerate
Predecessors Honeywell Inc.
AlliedSignal Inc.
Founded 1906, Wabash, Indiana
Founders Mark C. Honeywell
Headquarters Morristown, New Jersey, U.S.
Area served Worldwide
Key people David M. Cote
(Chairman and CEO)
Revenue Increase US$ 39.055 billion (2013)[1]
Operating income Increase US$ 5.501 billion (2013)[1]
Net income Increase US$ 3.924 billion (2013)[1]
Total assets Increase US$ 45.435 billion (2013)[1]
Total equity Increase US$ 17.467 billion (2013)[1]
Employees 131,000 (2013)[1]
Website Honeywell.com
Honeywell's iconic "The Round" model T87 thermostat. There is one in the Smithsonian Institution.
Honeywell Heating Specialties Company Stock Certificate dated 1924 signed by Mark C. Honeywell

Honeywell International, Inc. is an American multinational conglomerate company that produces 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.

Honeywell is a Fortune 100 company; in 2012 it was listed as 77th in the Fortune 500 America's ranking.[2] Honeywell has a global workforce of approximately 130,000, of whom approximately 58,000 are employed in the United States.[3] The company is headquartered in Morristown, New Jersey. Its current chief executive officer is David M. Cote.[4][5] The company and its corporate predecessors were part of the Dow Jones Industrial Average Index from December 7, 1925, until February 9, 2008.

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.

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.

History[edit]

Honeywell came into being through the invention of the damper flapper, a thermostat for coal furnaces, by Albert Butz, in 1885 and subsequent innovations in electric motors and process control by Minneapolis Heat Regulator Company tracing back to 1886. In 1906, Mark C. Honeywell founded Honeywell Heating Specialty Co., Inc. in Wabash, Indiana. Honeywell's company merged with Minneapolis Heat Regulator Company in 1927. The merged company was called the Minneapolis-Honeywell Regulator Company. Honeywell was its first president, W.R. Sweatt its first chairman.[6]

William and Harold Sweatt[edit]

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.

For more than thirty years the company annually presented the "H.W. Sweatt Engineer-Scientist Award" to individuals in recognition of their outstanding technical ability and contribution to technical accomplishment of significance for the company and their profession. The award program was canceled after the AlliedSignal and Honeywell merger in 1999.

Honeywell thermostat

James H. Binger[edit]

James H. Binger joined Honeywell in 1943, and became its president in 1961 and its chairman in 1965. 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".[7]

From the 1950s until the mid-1970s, Honeywell was the United States' importer of Pentax cameras and photographic equipment. These products were labeled Honeywell Pentax in the US. Under Binger's stewardship from 1961 to 1978 he expanded the company into such fields as defense, aerospace, and computing.

In 1953, in co-operation 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.[8] Technologically, this effort had parallels to contemporary efforts in missile guidance and numerical control.

Computing[edit]

Honeywell originally entered the computer business via a joint venture with Raytheon called Datamatic Corp., but soon bought out Raytheon's share and the business became a Honeywell division, Honeywell Information Systems. The computer itself was called the Honeywell 800, later updated to the Honeywell 1800.

Honeywell also purchased minicomputer pioneer Computer Control Corporation (3C's), renaming it as Honeywell's Computer Control Division. Through most of the 1960s, Honeywell was one of the so-called "Snow White and the Seven Dwarfs" of computing, IBM being "Snow White", and the "Dwarfs" 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,[9] they were known as "The BUNCH", after their initials: Burroughs, UNIVAC, NCR, Control Data Corporation, and Honeywell.

A 1990 Honeywell-Bull Entry Level Mainframe DPS 7 mainframe

In 1963, Honeywell introduced a small business computer, the Honeywell 200, to compete with IBM's 1401. That began a product line that continued until the early 1970s.[10]

In 1970, General Electric sold its computer systems division to Honeywell. The company was reorganized into two operating units, one of which was Honeywell Information Systems, headed by President Clarence (Clancy) Spangle. 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.

In the early 1970s, Honeywell, France's 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) products.

In 1980, Honeywell bought Incoterm Corporation to compete in in both the Airline reservations system networks and bank teller markets. Next, Honeywell developed the first Digital Process Communications protocol for its smart transmitters used in process measurement. Since then, smart communication protocols have evolved into various standardized types, such as the HART protocol and DE protocol. In 1989, Honeywell's computer division was sold to Groupe Bull. The new company was named Bull HN, and later referred to as simply "Bull".

Defense interests[edit]

Honeywell entered the defense industry in World War II, at first producing aerospace elements. 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.[11] The Honeywell project, founded in 1968, organized protests against the company to persuade it to abandon weapons production[12]

In 1990, Honeywell's defense division was spun off into Alliant Techsystems. 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. Today, Kaz Incorporated owns both Duracraft and Honeywell's home comfort lines.

Honeywell is in the consortium that runs the Pantex Plant that assembles all of the nuclear bombs in the United States arsenal. 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.[13]

Performance Materials and Technologies[edit]

Honeywell's Performance Materials and Technologies business can trace its heritage to a small sulfuric acid company started by chemist William H. Nichols in 1870. By the end of the 19th century, Nichols had formed several companies and was recognized as a force in America's fledgling chemical industry. Nichols's vision of a bigger, better chemical company took off when he teamed up with investor Eugene Meyer in 1920. Nichols and Meyer combined five smaller chemical companies to create the Allied Chemical & Dye Company, which later became Allied Chemical Corp., and eventually became part of AlliedSignal, the forerunner of Honeywell's Performance Materials and Technologies business. Meyer went on to serve in the Coolidge, Hoover, and Truman administrations and to buy the Washington Post newspaper in 1933. Both he and Nichols have buildings named after them in Honeywell's headquarters in Morristown, New Jersey. Darius Adamczyk is the current President and CEO of the Performance Materials and Technologies division.

GE-Honeywell merger attempt[edit]

General Electric announced in 2000 it would attempt to acquire Honeywell; at the time, Honeywell was valued at over $21 billion. The merger was cleared by American authorities but was blocked by the European Commission's competition commissioner, Mario Monti, on July 3, 2001. 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".[14][15] In 2007, General Electric acquired Smiths Aerospace, which had a similar product portfolio.[16]

Today[edit]

Entry to Morristown headquarters

The current "Honeywell International Inc." is the product of a merger between AlliedSignal and Honeywell Inc. in 1999. 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 Honeywell's ventures in Europe, Brazil and the US. 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 December 2004, Honeywell made a £1.2bn ($2.3bn) bid for Novar plc.[17][18] The acquisition was finalized on March 31, 2005.[19][20]

In October 2008, Honeywell Ltd. was named one of "Canada's Top 100 Employers" by Mediacorp Canada Inc., and was featured in Maclean's news magazine. Later that month, it was also named one of Greater Toronto's Top Employers in the Toronto Star newspaper.[21]

In January 2013, Honeywell shut its subsidiary Ex-Or's factory in Haydock, Merseyside, UK.

In January 2014, Honeywell Aerospace launched its SmartPath Precision Landing System at Malaga-Costa del Sol Airport in Spain. The system augments GPS signals, making them suitable for precision approach and landing before broadcasting the data to approaching aircraft.[22]

In September 2014, Honeywell Process Solutions announced the release of Digital Suites for Oil and Gas, a set of software and services that help oil and gas producers boost production performance by 3 to 5 percent while improving operational safety.[23]

Honeywell Technology Solutions[edit]

Honeywell Technology Solutions (HTS) is an R&D (research and development) division within Honeywell dedicated to innovative product research. HTS is headquartered in Bangalore, India with an employee strength of over 11000. HTS has development Centers in Hyderabad (India), Madurai (India), Shanghai (China), and Brno (Europe, Czech Republic). Most of the flight management systems are made and tested at these labs.[24] HTS offers technological and R&D services to the various business units of Honeywell International, mainly Aerospace, Automation and Control Solutions (ACS), Performance Materials and Technologies and Transportation Systems. Recently the company started producing car parts also such as radiators and turbochargers.

Corporate governance[edit]

David M. Cote Chairman and Chief Executive Officer of Honeywell International, Inc.
Gordon M. Bethune Retired Chairman and Chief Executive Officer of Continental Airlines, Inc.
Kevin Burke Non-Executive Chairman of Consolidated Edison, Inc. (Con Edison)
Jaime Chico Pardo President and Chief Executive Officer, ENESA, S.A. de C.V. (ENESA)
D. Scott Davis Chairman and Chief Executive Officer of United Parcel Service, Inc. (UPS)
Linnet F. Deily Former Deputy U.S. Trade Representative and Ambassador
Judd Gregg Former U.S. Senator from New Hampshire
Clive R. Hollick Former Chief Executive Officer of United Business Media
Grace D. Leiblein Vice President, Global Purchasing and Supply Chain of General Motors Corporation (GM)
George Paz Chairman and Chief Executive Officer of Express Scripts Holding Company
Bradley T. Sheares Former Chief Executive Officer of Reliant Pharmaceuticals, Inc.
Robin L. Washington Executive Vice President and Chief Financial Officer of Gilead Sciences, Inc.

[25]

Environmental record[edit]

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.[26] 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.[27] In 2001, Honeywell agreed to pay $150,000 in civil penalties and to perform $772,000 worth of reparations for environmental violations involving:[28]

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."[29] In the same year, Honeywell paid $3.6 million to avoid a federal trial regarding its responsibility for trichloroethylene contamination in Lisle, Illinois.[30] 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.[31] 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.[32] 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.[33]

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.[34] 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.[35]

Acquisitions[edit]

Acquisition Special Business Group
2002
Invensys Sensor Systems[36] ACS
Chadwick Helmuth[37][38] Aerospace
Ultrak[39] ACS
Mora Moravia[40] Aerospace
Shanghai Alarm[41] ACS
2003
Silent Witness[42] ACS
Sensotec[43] ACS
Baker Electronics[44] Aerospace
Gamewell[45] ACS
Olympo[46] ACS
FutureSmart[47] ACS
Kolon Films[48] PMT
Betatech[49] ACS
2004
Hymatic Group[50] Aerospace
Genesis Cable[51] ACS
HomMed, LLC[52] ACS
Aube Technologies[53] ACS
Vindicator[54] ACS
Electro-Radiation Incorporated (ERI)[55] Aerospace
Edgelinx[56] ACS
GEM Microelectronics[57] PMT
2005
UOP[58] PMT
Novar[59] ACS
Zellweger[60] ACS
Lebow [61] ACS
InterCorr International, Inc.[62] ACS
Tridium, Inc.[63] ACS
2006
Sempra Energy Services[64] ACS
First Technology[65] ACS
Gardiner Group[66] ACS
2007
Plant Automation Systems, Inc. (PAS)[67] ACS
Dimensions Int'l[68] Aerospace
ActiveEye[69] ACS
Burtek[70] ACS
Ex-Or[71] ACS
Enraf Holdings B.V.[72] ACS
Handheld Products[73] ACS
Maxon Corporation[74] ACS
2008
AV Digital Audio-Videotechnik GmbH[75] ACS
Energy Services Group, LLC[64] ACS
Metrologic[76] ACS
IAC[77] Aerospace
Callidus[78] ACS
2009
RMG[79] ACS
Cythos ACS
2010
Akuacom[80] ACS
Matrikon[81] ACS
E-Mon[82] ACS
Sperian[83] ACS
2011
EMS[84] ACS/Aerospace
Iris Systems[85] ACS
Kings Safety Shoes[86] ACS
2012
Fire Sentry[87] ACS
InnCom[88] ACS
Thomas Russell LLC[89] PMT
2013
Saia Burgess Controls[90] ACS
Intermec[91] ACS
RAE Systems[92] ACS
2014
Datamax-O'Neil[93]

Criticism[edit]

Harvey Cox holding a Honeywell fragmentation bomb (1973)

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.[94]

Honeywell has been criticized in the past for its manufacture of deadly and maiming weapons. The Honeywell Project, for example, targeted Honeywell executives in an attempt to halt the production of cluster bombs.

Products[edit]

Aircraft[edit]

Missiles and rockets[edit]

See also[edit]

References[edit]

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External links[edit]

Official website

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