Honeywell to be in Chinese JV
Post on: 2011-11-02 By: admin
Honeywell International Inc. (NYSE: HON - News) has entered into an agreement to form a 50/50 joint venture with Sinochem Group to manufacture and sell blowing agents for energy efficient foam insulation in China.
Through this joint venture, which will be situated in Taicang, Jiangsu Province, the companies will fulfill the rising demand for good energy efficient and environmentally sound resources. Together the companies will produce a non-ozone-depleting rigid foam blowing agent, called HFC-245fa, for appliances, construction, transportation and other applications, which need high energy efficiency.
As per the agreement, finalization is subjected to the approval of the Chinese government while production is scheduled to be initiated in late 2013.
Recently, Honeywell had launched its next generation HFO lower-global-warming-potential blowing agent, called Solstice™ Liquid Blowing Agent. It is expected that this agent may also be made by the joint venture.
Honeywell’s short-cycle businesses as well as its commercial aerospace spares and residential and commercial retrofit businesses are performing impressively well and are expected to support future growth outlook of the company. The savings incurred from the implementation of Honeywell’s building techniques will be used for development without any need for outside funding. Further, the program will create job facilities for local contractors and housing authority residents.
Based in Morris Township, N.J., Honeywell International Inc. is a Fortune 100 company, providing technical and manufacturing support to customers worldwide. It also provides aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Major competitors of Honeywell are BorgWarner Inc. (NYSE: BWA - News), United Technologies Corp. (NYSE: UTX - News) and Johnson Controls Inc. (NYSE: JCI - News).
We currently maintain our Neutral rating on Honeywell, with a Zacks #3 Rank (Hold recommendation) over the next one-to-three months.JOHNSON CONTROLS INC (JCI): Read the Full Research ReportBORGWARNER INC (BWA): Read the Full Research ReportHONEYWELL INTL INC (HON): Read the Full Research ReportUNITED TECHNOLOGIES CORP (UTX): Read the Full Research ReportZacks Investment Research
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