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Honeywell International Inc.
Company typePublic
IndustryConglomerate
PredecessorHoneywell Inc.
AlliedSignal Inc.
Founded1906; 118 years ago (1906)
Wabash, Indiana
FounderMark C. Honeywell
HeadquartersCharlotte, North Carolina,
United States
Area served
Worldwide
Key people
Darius Adamczyk
(chairman and CEO)
RevenueIncrease US$41.802 billion (2018)[1]
Decrease US$6.859 billion (2018)[1]
Increase US$6.765 billion (2018)[1]
Total assetsDecrease US$57.773 billion (2018)[1]
Total equityIncrease US$18.358 billion (2018)[1]
Number of employees
114,000 (2018)[1]
Websitehoneywell.com

Honeywell International Inc. is a publicly traded conglomerate headquartered in Charlotte, North Carolina, United States that produces commercial and consumer products, engineering services and aerospace systems.

In 2018, Honeywell ranked 77th in the Fortune 500.[2] Honeywell has a global workforce of approximately 110,000, of whom approximately 44,000 are employed in the United States.[3][4]

History

1886 Butz Thermo-Electric Regulator Company founded

In 1885 when the Swiss-born Albert Butz invented the damper-flapper, a thermostat for coal furnaces, to automatically regulate heating systems.[5] The following year he founded the Butz Thermo-Electric Regulator Company. In 1888, after a falling out with his investors, Butz left the company and transferred the patents to the legal firm Paul, Sanford, and Merwin, who renamed the company the Consolidated Temperature Controlling Company.[5] As the years passed, CTCC struggled with growing debts, and they underwent several name changes in an attempt to keep the business afloat. After the company was renamed to the Electric Heat Regulator Company in 1893, W.R. Sweatt, a stockholder in the company, was sold "an extensive list of patents" and named secretary-treasurer.[6]: 22  On February 23, 1898, he bought out the remaining shares of the company from the other stockholders.

1906 Honeywell Heating Specialty Company founded

In 1906, Mark Honeywell founded the Honeywell Heating Specialty Company in Wabash, Indiana, to manufacture and market his invention, the mercury seal generator.

1922–1934 mergers and acquisitions

As Honeywell's company grew (thanks in part to the acquisition of Jewell Manufacturing Company in 1922 to better automate his heating system) it began to clash with the renamed Minneapolis Heat Regulator Company. This led to the merging of both companies into the publicly held Minneapolis-Honeywell Regulator Company in 1927. Honeywell was named the company's first president, alongside W.R. Sweatt as its first chairman.[7]

The combined assets were valued at over $3.5 million, with less than $1 million in liabilities just months before Black Monday.[6]: 49  In 1931, Minneapolis-Honeywell began a period of expansion and acquisition when they purchased Time-O-Stat Controls Company, giving the company access to a greater number of patents to be used in their controls systems.

A World War II-era Honeywell C-1 autopilot control panel

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.

1934-1941 international growth

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. The merger into the Minneapolis-Honeywell Regulator Company proved to be a saving grace for the corporation.

1934 marked Minneapolis-Honeywell's first foray into the international market, when they acquired the Brown Instrument Company, and inherited their relationship with the Yamatake Company of Tokyo, a Japan-based distributor.[6]: 51  Later that same year, Minneapolis-Honeywell would also start distributorships across Canada, as well as one in the Netherlands, their first European office. This expansion into international markets continued in 1936, with their first distributorship in London, as well as their first foreign assembly facility being established in Canada. By 1937, ten years after the merger, Minneapolis-Honeywell had over 3,000 employees, with $16 million in annual revenue.[5]

In World War II

With the outbreak of war, Minneapolis-Honeywell was approached by the US military for engineering and manufacturing projects. In 1941, Minneapolis-Honeywell developed a superior tank periscope and camera stabilizers, as well as the C-1 autopilot. The C-1 revolutionized precision bombing in the war effort, and was used on the two B-29 bombers that dropped atomic bombs on Japan in 1945. The success of these projects led Minneapolis-Honeywell to open an Aero division in Chicago on October 5, 1942.[6]: 73  This division was responsible for the development of the formation stick to control autopilots, more accurate gas gauges for planes, and the turbo supercharger.[6]: 79  In 1950, Minneapolis-Honeywell's Aero division was contracted for the controls on the first US nuclear submarine, USS Nautilus.[6]: 88  The following year, the company acquired Intervox Company for their sonar, ultrasonics, and telemetry technologies. Honeywell also helped develop and manufacture the RUR-5 ASROC for the US Navy.

1950-1970s

In 1953, in cooperation 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. Honeywell also developed the Wagtail missile with the USAF.

Honeywell-Pentax-Spotmatic

From the 1950s until the mid-1970s, Honeywell was the United States' importer of Japanese company Asahi Optical's Pentax cameras and photographic equipment.[6]: 153  These products were labeled "Heiland Pentax" and "Honeywell Pentax" in the U.S. In 1953, Honeywell introduced their most famous product, the T-86 Round thermostat.[5][6]: 110 

Honeywell thermostat

In 1961, James H. Binger became Honeywell's president and in 1965 its chairman. 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", to better represent their colloquial name. Throughout the 1960s, Honeywell continued to acquire other businesses, including Security Burglar Alarm Company in 1969.[6]: 130 

The beginning of the 1970s saw Honeywell focus on process controls, with the company merging their computer operations with GE's information systems in 1970, and later acquiring GE's process control business.[6]: 122  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. Honeywell, 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). In the second half of the 1970s, Honeywell started to look to international markets again, acquiring the French Compagnie Internationale pour l’Informatique in 1976.[6]: 124  Eight years later, Honeywell formed Honeywell High Tech Trading to lease their foreign marketing and distribution to other companies abroad, in order to establish a better position in those markets.[6]: 147  Under Binger's stewardship from 1961 to 1978 he expanded the company into such fields as defense, aerospace, and computing.

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.[9] The Honeywell project, founded in 1968, organized protests against the company to persuade it to abandon weapons production[10]

In 1980, Honeywell bought Incoterm Corporation to compete in both the airline reservations system networks and bank teller markets.

In year 1975, Honeywell introduced the world's first Total Distributed Control System (TDC 2000) that revolutionized the entire process control industry with a centralized view of de-centralized control and a fully redundant communication link for continuous processes. Honeywell further introduced a state-of-the-art Total Distributed Control System 3000 or TDC 3000 in 1985. The new TDC 3000 system adopted a brand new architecture that allowed the existing TDC 2000 system to be integrated with the new system as well as future expansion through a new in-house developed network operating system for performing various plant-wide control, monitoring, alarming, reporting, and historical date storage & retrieval functions. A new modular controller, Process Manager, was introduced in a later date that included advanced control strategies and modeling as part of the new TDC-3000 system. TDC 3000 system was the backbone of Honeywell Industrial Solutions for Petroleum, PetroChem, Fine Chemical, Pulp & Paper, Power Gen, and many other industries. Along with TDC systems, Honeywell also developed a digital communication protocol to allow Honeywell's Smart Transmitters family of products to interface with TDC system in a non-ambiguous digital mode that delivered Honeywell's commitment of total system integration from sensors to boardroom.

Honeywell Information Systems

A 1990 Honeywell-Bull Entry Level Mainframe DPS 7 mainframe

On April 12, 1955, Minneapolis-Honeywell started a joint venture with Raytheon called Datamatic to enter the computer market and compete with IBM.[6]: 118  Two years later in 1957, their first computer, the DATAmatic 1000 was sold and installed. In 1960, just five years after embarking on this venture with Raytheon, Minneapolis-Honeywell bought out Raytheon's interest in Datamatic and turned it into the Electronic Data Processing division, later Honeywell Information Systems (HIS) of Minneapolis-Honeywell.[6]: 118  Honeywell also purchased minicomputer pioneer Computer Control Corporation (3C's) in 1966, 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: Burroughs, Control Data Corporation, General Electric, Honeywell, NCR, RCA, and UNIVAC. Later, when their number had been reduced to five,[11] they were known as "The BUNCH", after their initials: Burroughs, UNIVAC, NCR, Control Data Corporation, and Honeywell.

In 1970 Honeywell acquired GE's computer business forming Honeywell Information Systems. In 1975 it purchased Xerox Data Systems, whose Sigma computers had a small but loyal customer base. In 1986 HIS merged with Groupe Bull, a global joint venture with Compagnie des Machines Bull of France and NEC Corporation of Japan to become Honeywell Bull. By 1991 Honeywell was no longer involved in the computer business.[12]

1985–1999 integrations

Aerospace and Defense

1986 marked a new direction for Honeywell, beginning with the acquisition of Sperry Aerospace.[5] In 1990, Honeywell spun off their Defense and Marine Systems business into Alliant Techsystems, as well as their Test Instruments division and Signal Analysis Center to streamline the company's focus.[13] 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.[14]

Honeywell is in the consortium that runs the Pantex Plant that assembles all of the nuclear bombs in the United States arsenal.[15][16] 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.[17]

Home & building controls

Honeywell also began the SmartHouse project to combine heating, cooling, security, lighting, and appliances into one easily controlled system. They continued the trend in 1987 by releasing new security systems, and fire and radon detectors. Five years later, in another streamlining effort, Honeywell combined their Residential Controls, Commercial Systems, and Protections Services divisions into Home and Building Control, which then acquired the Enviracare air cleaner business.[6]: 183  By 1995, Honeywell had condensed into three divisions: Space and Aviation Control, Home and Building Control, and Industrial Control.

Industrial control

Honeywell dissolved its partnership with Yamatake Company and consolidated its Process Control Products Division, Process Management System Division, and Micro Switch Division into one Industrial Control Group. It has further acquired Measurex System and Leeds & Northrup Company to strengthen its portfolio.

1999–2002 merger, takeovers

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

AlliedSignal and Pittway

Main articles: AlliedSignal and Pittway

On June 7, 1999, Honeywell was acquired by AlliedSignal, who elected to retain the Honeywell name for its brand recognition.[5] The former Honeywell moved their headquarters of 114 years to AlliedSignal's in Morristown, NJ. While "technically, the deal looks more like an acquisition than a merger...from a strategic standpoint, it is a merger of equals."[18] AlliedSignal's 1998 revenue was reported at $15.1 billion to Honeywell's $8.4 billion, but together the companies share huge business interests in aerospace, chemical products, automotive parts, and building controls.

The current "Honeywell International Inc." is the product of a merger between AlliedSignal and Honeywell Inc. 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 2000, the new Honeywell acquired Pittway for $2.2 billion to gain a greater share of the fire-protection and security systems market, and merged it into their Home and Building Control division,[19] taking on Pittway's $167 million in debt. Analyst David Jarrett commented that "while Honeywell offered a hefty premium, it's still getting Pittway for a bargain" at $45.50 per share, despite closing at $29 the week before.[20] Pittway's Ademco products complemented Honeywell's existing unified controls systems.

General Electric Company

In October 2000, Honeywell (then valued at over $21 billion) accepted a takeover bid from then-CEO Jack Welch of General Electric.[21] The American Department of Justice cleared the merger, while "GE teams swooped down on Honeywell" and "GE executives took over budget planning and employee reviews." However, on July 3, 2001, the European Commission's competition commissioner, Mario Monti blocked the move.[22] 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."[23][24] This led to a drop in morale and general tumult throughout Honeywell, and in turn, the then-CEO Michael Bonsignore was fired as Honeywell looked to turn their business around.

2002–2014 acquisitions and further expansion

Honeywell glass cockpit, sold under the brand BendixKing

In January 2002 Knorr-Bremse – who had been operating in a joint venture with Honeywell International Inc. – assumed full ownership of its 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 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 February that year, Honeywell's board appointed their next CEO and chairman, David M. Cote. Cote was instrumental in uniting the company cultures of Honeywell, AlliedSignal, and Pittway. Since 2002, Honeywell has made more than 80 acquisitions and 60 divestures, while adding $12 billion in new sales[25] and increasing its labor force to 131,000 as a result of these acquisitions. Under his tenure, Honeywell's stock has nearly tripled from $35.23 in April 2002 to $99.39 as of January 2015.[26]

Honeywell made a £1.2bn ($2.3bn) bid for Novar plc in December 2004.[27][28] The acquisition was finalized on March 31, 2005.[29][30] In October 2005, Honeywell bought out Dow's 50% stake in UOP for $825 million, giving them complete control over the joint venture in petrochemical and refining technology.[31] In May 2010, Honeywell outbid UK-based Cinven and acquired the French company Sperian Protection for $1.4 billion, which was then incorporated into its automation and controls safety unit.[32]

2015 headquarters relocation

In 2015, the headquarters were moved to Morris Plains.[33] On November 30, 2018, Honeywell announced that its corporate headquarters would be moved to Charlotte, North Carolina.[34] On July 1, 2019, Honeywell moved employees into a temporary headquarters building in Charlotte before their new building was complete.[35] The 475,000-square-foot building on 40 acres in Morris Plains features state-of-the-art technology and greater energy efficiency than Honeywell's Morristown campus, which was underutilized, outdated and costly, according to Cote.

2015-present

On December 29, 2015, Honeywell completed the acquisition of Elster for US$5.1B (announced on July 28, 2015) entering the space of gas electricity and water meters with a specific focus on smart meters and hoped to be a growth driver for Honeywell in 2016 and beyond. The deal also complements the HON Combustion business with the addition of Elster with strong brands such as Kromschroeder and Eclipse. Honeywell International Inc. then acquired the 30% stake in UOP Russell LLC it didn't own already for roughly $240 million in January 2016.[36] In February, Honeywell entered into a definitive agreement to acquire Xtralis, a leading global provider of aspirating smoke detection along with advanced perimeter security technologies and video analytics software, for $480 million from funds advised by Pacific Equity Partners and Blum Capital Partners. The deal was completed on April 1, 2016.[37] In May 2016, Honeywell International Inc. settled its patent dispute regarding Google subsidiary Nest Labs, whose thermostats Honeywell claimed infringed on several of its patents. Google parent Alphabet Inc. and Honeywell said they reached a "patent cross-license" agreement that "fully resolves" the long-standing dispute. Honeywell sued Nest Labs in 2012.[38] In 2017, Honeywell opened a new software center in Atlanta, Georgia.[39]

David Cote stepped down as CEO on April 1, 2017, and was succeeded by Darius Adamczyk, who had been promoted to president and chief operating officer (COO) the previous year. Cote served as executive chairman through April 2018.[40] On October 10, 2017, Honeywell announced plans to spinoff its Homes, ADI Global Distribution, and Transportation Systems businesses into two separate, publicly traded companies by the end of 2018.[41]

In 2018, Honeywell spun off its turbocharger business as Garrett and consumer products business as Resideo.[42][43]

For the fiscal year 2018, Honeywell reported net income of US$6.765 billion, with an annual revenue of US$41.802 billion, an increase of 3.13% over the previous fiscal cycle. Honeywell's shares traded at over $169 per share, and its market capitalization was valued at over US$120.26 billion in September 2019.[44][45][3][46]

Business units

The company operates four business units–Honeywell Aerospace, Honeywell Building Technologies, Safety and Productivity Solutions (SPS), and Performance Materials and Technologies (PMT)[3][47]

Corporate governance

Honeywell's current chief executive officer is Darius Adamczyk.[48][49]

Darius Adamczyk Chairman and chief executive officer of Honeywell
Duncan B. Angove President of Infor, Inc.
William S. Ayer Retired chairman of the board and chief executive officer of Alaska Air Group
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. Lieblein Vice president of 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.

Current as of April 23, 2018[50]

Products and services

A Honeywell digital compass sensor mounted on a circuit board
Main article: List of Honeywell products and services

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. In addition to consumer home products, Honeywell produces thermostats, sensors, security alarm systems, and air cleaners and dehumidifiers. The company also licenses its brand name for use in various retail products made by other manufacturers, including air conditioners, heaters, fans, security safes, home generators, and paper shredders.

Aircraft

Missiles and rockets

Honeywell Scanning and Mobility

Acquisitions since 2002

Honeywell's acquisitions have consisted largely of businesses aligned with the company's existing technologies. The acquired companies are integrated into one of Honeywell's four business groups (Aerospace, Home and Building Technologies (HBT), Safety and Productivity Solutions (SPS), or Performance Materials and Technologies (PMT)) but retain their original brand name.

Acquisition Business Group
2018
Transnorm[51][52] SPS
2017
Nextnine[53] PMT
SCAME Sistemi[54] HBT
FLUX[55][a] SPS
2016
Com Dev[56] Aerospace
RSI[57] HBT
Intelligrated[58] SPS
Xtralis[59] HBT
Movilizer[60] SPS
UOP Russell LLC[61] PMT
2015
Seelze[62] PMT
Elster[63][64] PMT
Datamax-O'Neil[65] SPS
2013
Saia Burgess Controls[66][64] HBT
Intermec[67] SPS
RAE Systems[68] SPS
2012
Fire Sentry[69][70] HBT
InnCom[71][72] HBT
Thomas Russell LLC[73] PMT
2011
EMS[74] SPS/Aerospace
Iris Systems[75] HBT
Kings Safety Shoes[76] SPS
2010
Akuacom[77][78] HBT
Matrikon[79] PMT
E-Mon[80][81] HBT
Sperian[32] SPS
2009
RMG[82] PMT
Cythos[83] SPS
2008
AV Digital Audio-Videotechnik GmbH[84] HBT
Energy Services Group, LLC[85] PMT
Metrologic[86] SPS
IAC[87] Aerospace
Callidus[88] PMT
Norcross[89] SPS
2007
Plant Automation Systems, Inc. (PAS)[90] PMT
Dimensions Int'l[91] Aerospace
ActiveEye[92] SPS
Burtek[93] PMT
Ex-Or[94] HBT
Enraf Holdings B.V.[95] SPS
Handheld Products[96] SPS
Maxon Corporation[97] PMT
2006
Sempra Energy Services[85] PMT
First Technology[98] SPS
Gardiner Group[99] HBT
2005
UOP LLC[31] PMT
Novar Controls[100] HBT
Zellweger[101] SPS
Lebow SPS
InterCorr International, Inc.[102] SPS
Tridium, Inc.[103] HBT
2004
Hymatic Group[104] Aerospace
Genesis Cable[105] HBT
HomMed, LLC[106] SPS
Aube Technologies[107] HBT
Vindicator[108] HBT
Electro-Radiation Incorporated (ERI)[109] Aerospace
Edgelinx[110] HBT
GEM Microelectronics[111] PMT
2003
Silent Witness[112] HBT
Sensotec[113] SPS
Baker Electronics[114] Aerospace
Gamewell[115] HBT
Olympo[116] HBT
FutureSmart[117] HBT
Kolon Films[118] PMT
Betatech[119] HBT
2002
Invensys Sensor Systems[120] SPS
Chadwick Helmuth[121][122] Aerospace
Ultrak[123] HBT
Mora Moravia[124] Aerospace
Shanghai Alarm[125] HBT

Environmental record

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.[126] 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.[127] In 2001, Honeywell agreed to pay $150,000 in civil penalties and to perform $772,000 worth of reparations for environmental violations involving:[128]

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."[129] In the same year, Honeywell paid $3.6 million to avoid a federal trial regarding its responsibility for trichloroethylene contamination in Lisle, Illinois.[130] 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 from a former Allied Chemical property.[131] Honeywell established three water treatment plants by November 2014, and the chemicals cleanup site removed 7 tons of mercury.[132] In November 2015, Audubon New York gave the Thomas W. Keesee, Jr. Conservation Award to Honeywell for its cleanup efforts in “one of the most ambitious environmental reclamation projects in the United States.”[133] By December 2017, Honeywell completed dredging the lake[134] and, later that month, the Department of Justice filed a settlement requiring Honeywell to pay a separate $9.5 million in damages, as well build 20 restoration projects on the shore to help repair the greater area surrounding the lake.[134]

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.[135] 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.[136]

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.[137] 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.[138]

Harvey Cox holding a Honeywell fragmentation bomb (1973)

Criticism

On March 10, 2013, the WSJ reported that Honeywell was one of sixty companies that shielded annual profits from U.S. taxes.[139] 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.[140]

Honeywell has also been criticized in the past for its manufacture of deadly and maiming weapons, such as cluster bombs.[141]

See also

Notes

[a] - Honeywell acquired a 25% stake in FLUX and a 75% stake in a new joint venture focused outside of China.[142]

References

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