Honeywell signs agreement to set up integrated facility at Dhahran Techno Valley |
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New Facility Will Bring Together Multiple HoneywellHoneywell
Business Units in One Location DHAHRAN, Saudi Arabia, October 25, 2009 - HoneywellHoneywell
(NYSE:HON) today announced that it has signed a contract with the King Fahd University of Petroleum and MineralsKing Fahd University of Petroleum and Minerals (KFUPMKFUPM) to establish a new integrated facility at the prestigious Dhahran Techno Valley (DTV) business cluster. The agreement was signed by Norm Gilsdorf, President, HoneywellHoneywell Process Solutions and His Excellency Dr. Khaled S. Al-Sultan, Rector of KFUPMKFUPM. The DTV premises, which are due to open in the fourth quarter of 2010, will house three HoneywellHoneywell businesses: HoneywellHoneywell Building Solutions, HoneywellHoneywell's UOP, and HoneywellHoneywell Process Solutions, which includes the recently acquired ENRAF and RMG Group. The new location will help HoneywellHoneywell better manage existing relationships and partnerships with organizations such as KFUPMKFUPM, while keeping close geographical proximity to its important customers in the energy industry.
"At HoneywellHoneywell, we pride ourselves on our ability to develop innovative solutions and provide the latest technological expertise for our customers. In keeping with that spirit of innovation, it was only natural that HoneywellHoneywell selected Dhahran Techno Valley as the location for our newest facility," said Gilsdorf. "Dhahran Techno Valley is unique in the sense that it will allow us to achieve our business objectives, while maintaining our partnerships in the Kingdom."
"HoneywellHoneywell needs to expand its facilities in the Kingdom to keep pace with its business growth here," said Mohamed Al Mousa, General Manager, Honeywell Saudi Arabia. "By co-locating our business units, we are bringing together a process licensor, an automation leader, safety systems expertise, product distribution, metering solutions and a leading integrated security systems provider.
"This is a unique set of solutions that few companies can boast of in Saudi Arabia and will allow us to offer our customers integrated solutions," added Ziad al Turki, vice chairman of HoneywellHoneywell's local partner, the ATCO group of companies.
DTV was established by the KFUPMKFUPM to attract the research and development centers of local and international companies and to promote new businesses. It is envisaged as a leading research and technology development nucleus with comprehensive business support. DTV includes the King Abdullah Science Park (KASP), an innovation center at KFUPMKFUPM, a liaison office, business incubator and an industrial consulting office.
-Ends-
Honeywell InternationalHoneywell International (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., HoneywellHoneywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on HoneywellHoneywell, please visit www.honeywellnow.com.HoneywellHoneywell Process Solutions is part of HoneywellHoneywell's Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry. For more information about Process Solutions, access www.honeywell.com/ps.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.
© Press Release 2009
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