Honeywell 225721 224070501 2008-07-07T04:37:17Z Lightbot 7178666 Units/dates/other {{otheruses}} {{Infobox_Company | company_name = Honeywell International, Inc. | company_logo = [[Image:Honeywell logo.svg|200px|Honeywell logo]] | company_type = [[Public company|Public]]| foundation = 1906, 1999 by merger with [[AlliedSignal]]| location = [[Morristown, New Jersey]]| num_employees = 122,000| | key_people = [[David M. Cote]], <small>[[Chief Executive Officer|CEO]]</small>| products = [[Aerospace]] & [[Arms industry|Defense]] , [[Automation & Control Solutions]] , [[Specialty Materials]], [[Transportation]] systems| [[Transportation Systems]]| revenue = $34.5 billion [[United States dollar|USD]] (2007)| net_income = $ 2.444 billion [[United States dollar|USD]] (2007)| homepage = [http://www.honeywell.com/ www.honeywell.com] }} [[Image:Honeywellheating.jpg|thumb|Honeywell Heating Specialties Company Stock Certificate dated 1924 signed by Mark C. Honeywell]] '''Honeywell''' ({{nyse|HON}}) is a major [[United States|American]] [[multinational corporation|multinational]] [[list of conglomerates|conglomerate]] company that produces a variety of consumer products, engineering services, and aerospace systems for a wide variety of customers, from private consumers to major corporations. Honeywell is a Fortune 500 company with a workforce of approximately 122,000, of which approximately 57,000 are employed in the United States.<ref>[http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=5737580-8711-70641&type=sect&dcn=0000930413-08-001037 Edgar Online SEC Filings FY 2007]</ref> The company is headquartered in [[Morristown, New Jersey]]. Its current [[chief executive officer]] is [[David M. Cote]]. The company was part of the [[Dow Jones Industrial Average]] Index until it was replaced on February 9, 2008. Honeywell has many brands that consumers may recognize. Some of the most recognizable products are its line of home [[thermostats]] (particularly the iconic round type), Garrett [[turbochargers]], and automotive products sold under the names of [[Prestone]], Fram, and Autolite. ==History== 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 motor]]s 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|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.<ref>[http://www.honeywell.com/sites/honeywell/ourhistory.htm Honeywell official history site]</ref> ===Sweatt leadership legacy=== 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 &mdash; thermostatic heating control &mdash; 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 30 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. [[Image:OfficeThermostat.jpg|thumb|left|Honeywell thermostat]] ===James H. Binger=== [[James H. Binger]] (1916&ndash;2004) grew up in [[St. Paul, Minnesota]]. He attended the [http://www.blakeschool.org/blakeAlumni/bulletin/05february/page29.html Blake School]. He earned an economics degree from [[Yale University]] and a law degree from the [[University of Minnesota]]. On graduation, he joined Minneapolis law firm [[Dorsey & Whitney]], where a client was Honeywell. In 1943 he joined Honeywell, 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 &mdash; it had six plants producing 12% of the companies revenue. He also officially changed the company's corporate name from '''Minneapolis-Honeywell Regulator Co.''' to Honeywell.<ref>http://time-proxy.yaga.com/time/archive/preview/0,10987,940743,00.html</ref> From the 1950s until the mid-1970s, Honeywell was the United States importer of [[Pentax]] cameras and photographic equipment. These products were labeled in the U.S. '''Honeywell Pentax'''. Under Binger's stewardship from 1961 to 1978 he expanded the company into such fields as defense, aerospace, computers and cameras. === Computing=== 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. It also purchased minicomputer pioneer [[Computer Control Corporation]], 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. Later, when their number had been reduced to five, they were known as "The Bunch", after their initials: [[Burroughs Corporation|Burroughs]], [[UNIVAC]], [[NCR]], [[Control Data Corporation]], and Honeywell. [[Image:Honeywell-Bull DPS 7 Mainframe BWW March 1990.jpg|thumb|right|A 1990 ''Honeywell-[[Groupe Bull|Bull]] DPS 7'' [[Mainframe computer|mainframe]]]] In 1970, Honeywell bought General Electric's computer division. The company was reorganized into two operating units one of which was Honeywell Information Systems, headed by President Clarence (Clancy) Spangle. In 1991 Honeywell's computer division was sold to [[Groupe Bull]]. === Defense Interests=== 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]]. The [[Honeywell project]], founded in 1968, organized protests against the company to persuade it to abandon weapons production. In 1990, Honeywell's defense division was spun off into [[Alliant Techsystems]], whose headquarters are in [[Edina, Minnesota|Edina]], a suburb of [[Minneapolis]]. Honeywell continues to supply aerospace products including jet 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. ===Specialty Materials=== Honeywell’s Specialty Materials 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 Specialty Materials business. Meyer went on to serve in the [[Calvin Coolidge|Coolidge]], [[Herbert Hoover|Hoover]] and [[Harry Truman|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, N.J. [[Andreas Kramvis]] is the current President and CEO of the Specialty Materials division. ===GE-Honeywell merger attempt=== [[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 GE's dominance of the small jet engine market (led by the [[General Electric CF34]] [[turbofan]] engine), leasing services ([[GE Commercial Aviation 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 integration|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."<ref>Charles James, [http://www.usdoj.gov/atr/public/speeches/9100.htm "International Antitrust in the Bush Administration"], 2001-09-21</ref> In 2007, General Electric acquired [[Smiths Aerospace]], which had a similar product portfolio.<ref name="wsj_20070115">"[http://online.wsj.com/article/BT-CO-20070115-703428.html Smiths To Sell Aerospace Ops To GE For $4.8B]." McGrath, S.; Stone, R. ''[[The Wall Street Journal]]''. [[January 15]], [[2007]].</ref> ===Today=== 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 the stock value only regained the pre-merger level in 2007. In 2002 Knorr-Bremse took over from Honeywell International Inc USA its share of joint 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 [[Oilsands]]. Honeywell's Plant integrator is currently deployed in some of the most important plant-sites in the [[Oilsands]] (i.e [[Syncrude]], [[Suncor]] and others). In December 2004, [[Honeywell]] made a £1.2bn ($2.3bn) bid for [[Novar plc]].<ref>[http://news.bbc.co.uk/1/hi/business/4091177.stm BBC News - 13th December, 2004]</ref><ref>The offer was £798m or £1.85 per share for each Novar share, with another £331m for preference shares and debt.</ref> The acquisition was finalized on 31 March 2005.<ref name="Novar">[http://findarticles.com/p/articles/mi_m0EIN/is_2005_March_31/ai_n13492309 Honeywell Completes Acquisition of Novar plc; Final Clearance from European Commission Confirmed - Business Wire, March 31, 2005]</ref><ref>Novar also had two other divisions, IAS and SPS, which Cote indicated would be sold quickly because although strong businesses in their respective industries they did not fit with the Honeywell portfolio.</ref> ===Six Sigma Plus=== Honeywell International is known for its aggressive implementation and daily practice of [[six sigma]] and [[lean manufacturing]] methodologies commonly referred to as ''Six Sigma Plus''. ''Six Sigma Plus'' is focused on reducing errors/failures, improving cycle time, and reducing costs. Recently, Honeywell announced the implementation of a corporate philosophy known as the Honeywell Operating System (HOS), which incorporates practices from the [[Toyota Production System]]. === Honeywell Technology Solutions === Honeywell Technology Solutions (HTS) is a research lab within Honeywell dedicated to innovative product research.{{Fact|date=November 2007}} HTS provides value to Honeywell businesses through Product Solutions & Analytics, New Product Introduction, Advanced Research and Technology and IT & Business Process Solutions.<ref>[http://www.honeywell.com/sites/htsl/aboutus.htm About Us - Honeywell Technology Solutions Lab<!-- Bot generated title -->]</ref> ==Corporate governance== Current members of the [[board of directors]] of Honeywell are: [[Gordon Bethune]], [[Jaime Chico Pardo]], [[David M. Cote|David Cote]], [[Scott Davis (businessman)|Scott Davis]], [[Linnet F. Deily]], [[Clive Hollick]], [[James Howard (businessman)|James Howard]], [[Bruce Karatz]], [[Russ Palmer]], [[Ivan Seidenberg]], [[Brad Sheares]], [[Eric Shinseki]], [[John R. Stafford]], and [[Michael W. Wright]]. ==Environmental record== In 2006, Honeywell announced that its decision to stop manufacturing [[mercury switch]]es had resulted in reductions of more than 11,300 kg, 2800 kg, and 1500 kg respectively of [[mercury (element)|mercury]], [[lead]], and [[chromic acid]] usage. The largest reduction represents 5% of mercury use in the United States.<ref>[http://www.epa.gov/epaoswer/hazwaste/minimize/honeywell.htm United States Environmental Protection Agency]</ref> Honeywell ranks 44th in a list of U.S. corporations most responsible for air pollution, releasing more than 4.25 million kg (9.4 million pounds) of toxins per year into the air.<ref>[http://www.rtknet.org/new/tox100/toxic100.php?database=t1&detail=1&datype=T&reptype=a&company1=&company2=941&chemfac=fac&advbasic=bas Political Economy Research Institute]</ref> According to the [[United States Environmental Protection Agency]], no corporation has been linked to a greater number of [[Superfund]] toxic waste sites than has Honeywell.<ref>[http://www.publicintegrity.org/superfund/report.aspx?aid=849 Center for Public Integrity analysis of EPA documents]</ref> In 2001, Honeywell agreed to pay $150,000 in [[civil penalty|civil penalties]] and to perform $772,000 worth of reparations for environmental violations involving:<ref>[http://yosemite.epa.gov/r3/press.nsf/7f3f954af9cce39b882563fd0063a09c/ffd75cd0c4a99d1b85256b1400529837!OpenDocument United States Environmental Protection Agency]</ref> * failure to prevent or repair leaks of hazardous organic pollutants into the air * failure to repair or report refrigeration equipment containing [[chlorofluorocarbons]] * inadequate reporting of [[benzene]], [[ammonia]], [[nitrogen oxide]], [[dichlorodifluoromethane]], [[sulfuric acid]], [[sulfur dioxide]], and [[caprolactam]] emissions In 2003, a federal judge in [[Newark, New Jersey]] ordered the company to perform an estimated $400 million cleanup of [[chromium]] waste, citing “''a substantial risk of imminent damage to public health and safety and imminent and severe damage to the environment.'' <ref>[http://query.nytimes.com/gst/fullpage.html?res=9504EEDA143EF934A25756C0A9659C8B63 "Court Orders Honeywell To Clean Up 34-Acre Site", ‘’New York Times’’, 17 May 2003]</ref> In the same year, Honeywell paid $3.6 million to avoid a federal trial regarding its responsibility for [[trichloroethylene]] contamination in [[Lisle, Illinois]].<ref>“Chemical Company Pays $3.6 Mil. to Settle Suits,” ‘’Chicago Sun-Times,’’ 6 September 2003 qtd. in [http://knowmore.org/index.php/Chemical_company_pays_%243.6_mil._to_settle_suits knowmore.org]</ref> 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]].<ref>[http://www.nytimes.com/2004/11/29/nyregion/29cleanup.html “Lake Cleanup to Be Ordered in Syracuse,” ‘’New York Times’’, 29 Nov. 2004]</ref> 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]], [[ulcer]]s, and [[dermatitis]].<ref>[http://www.nytimes.com/2005/05/04/nyregion/04contaminate.html “New Jersey Sues to Force 3 Companies to Clean Up Chromium Pollution at 106 sites,” ‘’New York Times,’’ 4 May 2005]</ref> ==Honeywell philanthropy== Honeywell maintains a very active community involvement program called "Hometown Solutions".<ref>[http://www.honeywell.com/sites/hhs/ Honeywell Hometown Solutions]</ref> Program initiatives include matching employee volunteer involvement with charitable donations, encouraging study of maths and science, re-building after hurricane Katrina and a long-standing partnership with the National Center for Missing and Exploited Children called "Got2bSafe".<ref>[http://www.missingkids.com/ National Center for Missing and Exploited Children]</ref> Literature produced by Got2bSafe has been distributed to more than 72,000 schools across America, representing every school district in the U.S. and the program has reached more than 5 million elementary school students.{{Verify source|date=April 2008}} ==References== {{reflist}} ==External links== *[http://www.honeywell.com/ Company WebSite] *[http://www.gstock.com/quote/hon.html Honeywell stock performance chart] *[http://www.honeywell.com/sites/sm/ Honeywell Specialty Materials] *[http://www.imno.org/articles.asp?qid=156&sid=18 IMNO Interviews Larry Bossidy Former CEO of Honeywell] *[http://www.ciciboilers.com/controls.htm Honeywell Boiler Controls Overview] *[http://www.airfilterhoneywell.info/ Honeywell Air Filter Information & Overview] *[http://www.honeywell.com/sites/ts/tt/ Honeywell Turbo Technologies] *[http://www.theoengel.nl Software emulation of the DDP-516/H-316 & DDPx16 Pages] *[http://www.honeywell.com/sites/htsl/ Honeywell Technology Solutions] *[http://www.mnhs.org/library/findaids/00051.html Honeywell: An Inventory of Its Records at the Minnesota Society] *[http://www.honeywellgenerators.com Honeywell Generators] [[Category:Honeywell| ]] [[Category:Companies established in 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