Honeywell to pick UOP LLC stake to widen products & services
04 Oct '05
3 min read
UOP is headquartered in Des Plaines, IL and has approximately 3,000 employees worldwide and eight manufacturing facilities throughout Europe, Asia and North America. UOP's technologies are mainly used in oil-derived products and chemicals, as well as the manufacture of plastics, detergents and fibers. UOP also produces catalysts, alumina adsorbents used to purify gas and molecular sieves used to dry air. Roughly half of the world's biodegradable detergents are produced with UOP technologies.
The acquisition of UOP is part of Honeywell's growth strategy for its Specialty Materials business. Over the past three years, Specialty Materials has focused on investment in select growth platform technologies, including fluorines, electronic materials and advanced fibers and composites. As part of this strategy, Specialty Materials has divested more than 10 non-core businesses, including a pending agreement to sell its U.S. nylon carpet fiber business. With the addition of UOP and the pending divestiture of the nylon fiber business, Honeywell expects Specialty Materials to have annual revenues of more than $4 billion in 2006.
Honeywell International is a $26 billion 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., Honeywell's shares are traded on the New York, London, Chicago and Pacific Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index.
Honeywell Specialty Materials, based in Morristown,New Jersey, is a global leader in providing customers with high-performance specialty materials, including fluorocarbons, specialty films and additives, advanced fibers and composites, customized research chemicals, and electronic materials and chemicals.
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