Assignment 3
HONEYWELL INTERNATIONAL INC.
Zuhaib Ahmed
Date: July 23, 2011

TABLE OF CONTENS Executive Summary 3 Introduction & Company Overview 4 Mandate 4 Vision Statement 4 Mission Statement 5 Quality Policy 5 Code of conduct 6 Stakeholder analysis Error! Bookmark not defined. External Analysis 11 Internal Analysis 14 Strategic Options 17 Recommendation 20 References 24

Executive Summary

The paper focuses on the growth of an age old company namely Honeywell International Inc and explores strategic options for it. Honeywell is a reputed name in the aerospace and engineering industry. It has been constantly involved in providing technologies for the betterment of the customers. It provides products whose customers range from individual users to big corporations to government agencies. The company has been in business since the early 20th Century. Since then it has been engaged in providing innovative solutions in the form of its products and services. The current Honeywell International Inc is the outcome of the merger between AlliedSignal and Honeywell International in 1999. Since Honeywell always had a better brand value than its counterpart, Honeywell International was chosen as the desired brand name of the conglomerate even after the merger. This shows the high popularity of the company, though it was much smaller than AlliedSignal. The rest as is said is history. After that, there has been no looking back for the company and it has grown manifold in the previous years. The paper discusses the details of the company along with its mission and goals for the future.

Introduction & Company Overview

Honeywell International Inc is a multinational company founded by Mark C. Honeywell in 1906 ("Our company,"). The company has its headquarters in New Jersey, U.S.A. The Company’s stock is trade on the NYSE under the symbol “HON” ("Our Company"). The company has a huge customer base ranging from individual consumers to multinational organizations and the government agencies. It provides a range of products like consumer oriented products, engineering services, defense, automotive, transportation, aerospace, safety, and security ("Products & Services," ). It has subsidiaries all over the globe. The company features in the list of Fortune 100 companies ("Our Company,"). It employs approximately 130,000 employees with more than 50,000 employees employed in United States ("Our Company,").
Since 2002, the company has been under the leadership of Mr. David M. Cote ("Our History,"). He is amongst those successful CEO’s and Chairman of the company, under whose leadership; the company has been able to surf through thick and thin. Under his tenure ship, the company has achieved positive and remarkable growth both financially and economically. With his strenuous efforts, the company has been able to achieve global position in many industries worldwide.
Mandate

Vision Statement

The company aims to provide Total Solutions and Services to all its customers in all the core business areas like energy, safety, transportation, comfort, security, and aerospace ("Htsl - vision,," ). By making its customers contended, the company aims at achieving unparalleled growth and productivity. It aspires to be the leading company for providing quality services to its customers. The company’s centre of attraction has constantly being to provide value to its customers. It directs all its efforts in providing innovative and constant upgraded solutions and services to the customers. It aims at using high-end technology to cater its huge customer base.
Mission Statement

The company’s mission statement is as follows:-
“Our mission is to create value for shareholders through control technology that saves energy, protects the environment, improves productivity, increases comfort, and safety, and promotes peace” ("Htsl - vision,," ).
Its mission is to provide first class services to its customers. Their mission is to make the company reach to that mountain peak from where only one can sustain. By aiming to provide technological products and services, the company is planning to reap the benefits of maximizing its impact on its customers. All this can be accomplished by catering the demands of the customers through Technological products and services ("Htsl - vision,”).
Quality Policy

Honeywell has a worldwide customer base. To strengthen its customer base more, the company wishes to have a quality policy which is unmatched by its competitors. The customers enjoy products and services derived from Six Sigma Quality solutions ("Htsl - vision,”). The company continuously upgrades itself through rigorous monitoring of its activities. It hires professionals who are well competent to match with the company’s missions and goals.
Code of conduct

The company maintains strict code of conduct for all its stakeholders be it- the directors, officers, employees, agents, suppliers, contractors, consultants, or any person related to the company in what so ever form. The company rigorously adheres to its code of conduct policies and maintains as well as respects the discipline and culture of the country it operates in. It expects the same adherence to the company’s policies by all its stakeholders as it replicates. Violating any of the norms could have serious repercussions like termination. All the subsidiaries of the company are responsible for maintaining the same decorum as by the head office. They are responsible and accountable for maintaining the code of conduct of the company as well as the law of the country in which they operate.
The company’s compliance program is design for its employees, suppliers, customers and various other local bodies.
For employees
Honeywell truly respects and values its employees; they being its most precious assets. The company provides adequate compensation and promotion and holds regular training and self- development courses for its employees. Honeywell guides its employees to work in accordance with the code of conduct laid down by providing in-house training and education to communicate their code of conduct programs. "Our Integrity and Compliance Program." ("Code of business,”) devised by the company lays down the rules and regulations for employees. The company aims at providing a constructive and healthy working environment.
For customers
Honeywell caters to a diverse pool of customers. It provides services to big industrial houses and as well as the various government offices. The company obeys all the laws relating to the law of land in which its customers are located. All the products are being manufacture keeping the standards so set in mind. Honeywell is a Six Sigma Company ("Code of business,”) and all the services and products are manufactured keeping the international standards in mind. The company complies with Competition laws and Antitrust laws of the nation in which it is operating. Honeywell works in unison with the all the U.S. government agencies; considering seriously to not tp violate the interest of any of them. For example, it judiciously follows the U.S. Foreign Corrupt Practices Act (FCPA) ("Code of business,”). It affects the company wherever it may operate.
For Suppliers
The company’s suppliers are the ones providing goods, materials, etc to it. Honeywell makes sure that all its suppliers are also engaged in its Six Sigma Program. The company aims at building long-term relationships with its suppliers, hence takes full care of them, and thus rewards them from time to time to honor their commitment of providing quality. The company has strict policy of not accepting undue gifts from any of its suppliers to influence the business decisions. It also disregards any of the courtesies that can influence the business decision of the employees or any other person related to that of the company.
For others
Since the company operates globally, there lies a responsibility on the shoulders of the company to obey the laws of the country they are operating in. In case of conflict of laws between U.S and the other country, it is always advice to the employees to immediately refer to the law department of the company. Also the company also does not make impromptu political contributions to influence any party. This is beyond the scope of the company’s rules and regulations. Honeywell is very much devoted to the task of protecting the environment and the society in which it operates. It takes all kinds of safeguards to protect the environment and ensures employee safety. All its efforts are focus on minimizing the use of any harmful substance in the production and avoiding wastage of all kinds at every level. It conducts environmental audits from time to time to fulfill its purpose. The company maintains copies of Honeywell Health, Safety, Environment & Remediation Policy and Commitment Statement to illustrate its efforts more clearly ("Code of business,").
The company totally respects the integrities of all the nations and abides by not to conduct business with any of the boycotted nations. It follows the antiboycott law of US judiciously and complies with all the rules and regulations laid in them ("Code of business,"). Honeywell is a total disciplinarian in following the Export and Import laws of the countries and hence in case of violation there could be serious implications for the company’s future. Overall Honeywell has established Corporate Responsibility Committee comprising of the board of directors of the company. They are the ones who are entrusted with the responsibility of overseeing the compliance of the code of conduct policies and the Honeywell Integrity and Compliance Program ("Code of business,").
Stakeholder analysis
Stakeholders refer to all those people, groups, organizations, that are associated and linked to the company in one form or the other. Stakeholders are those; which get directly affected by the working of the company. All the decisions of the company will have a direct or an indirect bearing on these stakeholders. Generally, stakeholders include the following categories like employees, suppliers, customers, government, society and most importantly the shareholders.
Since Honeywell is a large conglomerate, there are various stakeholders associated with it. Some of the most important stakeholders are; the employees of the company, suppliers of the company, and the customers to whom it caters. The various government agencies and bodies are directly related to the company through the laws and acts that bind the company and hence they are an important part of the stakeholder category. Every company operates in a society and the society provides a conductive environment so that the company can suffice its motives so they form an important part of the stakeholder groups.
Human resources are the biggest asset for any company. Honeywell truly recognizes the importance of this valuable resource and aims all its efforts in retaining them in the organization. Employees not only consists of the labor that is engaged in the manufacturing or providing innovative services but also incorporates the directors, representatives and various officers at different levels. The actions of the employees have a direct bearing on the future growth and profitability of the company. Since they constitute as an important resource to the company, Honeywell directs all its energies in providing training to them. Self-development classes are conducted at regular intervals to sharpen the skills of the employees. A positive work culture has been created to induce the employees to work effectively. In case, conflict of interest arises amongst the employees at any hierarchical level, the Committee of Code of Conduct intervenes and solves all the issues so that work can be resumed peacefully. Honeywell has a very broad and well laid down policy concerning the remuneration, promotion, recruitment, termination, training and development of the employees. Since each employee is given equal importance irrespective of his position in the organization and no discrimination policy being followed, the working environment of the company is very enthusiastic and encouraging.
It has been often said customer is next to God in business. Honeywell has a vast customer base consisting of individuals, large organizations, and government agencies. Satisfaction of the customer is the ultimate aim of any business organization. Honeywell truly recognizes this fact and thus has incorporated this into its mission statement. It provides time-to-time innovative services to its customers and retains them forever. A satisfied customer can only attract better business prospects for a company. Honeywell is spread globally covering almost every other nation. This inspiration and motivation to look forward has come from the satisfied customers it has catered to. Since Honeywell is affiliated to the Six Sigma Program, its customers are sure to never compromise on quality. Hence, the satisfied customer has converted the company in to a multinational giant.
Next in the list of the most important stakeholders are the suppliers of the company. This category also consists of the agents who work for the company. The suppliers have also been enrolled into the Six Sigma Program of the Company. This ensures that they deliver quality materials and products to the company for producing the final product or service. A large network of suppliers caters to the demands of the Company. Honeywell aims at maintaining long term relationship with all its suppliers.
The government agencies and bodies involved in formulating laws directly affect the working of the company. All the export import laws, competition act, antiboycott act are some of the important laws that are to be followed by the company for its sustenance and expanding its business to unexplored lands. The company makes sure that it does not violate any of these laws and keeps the authorities contended.
Lastly, one of the most important parts of the stakeholder category is the society and the environment which the company is conducting itself. The Society ushers the company with all its resources so that it can conduct business in an uninterrupted manner. In return, it expects quality products and services from the company, which Honeywell has always promised to deliver. The acceptance of business by the society ensures that they are willing to contribute to the future demands of the company happily. Honeywell has operations in different regions and acceptance from the societies of all these regions has paved way for the future success of the company. Honeywell has contributed very well to the environment by minimizing the use of hazardous materials and taking constructive steps to the development of the environment. The connection and relationship between the society and the company has strengthened.
External Analysis

External analysis helps in studying the environment of the organization in which it is operating. It shows the threats that are capturing the organization and the opportunities that are present for it. External environment analysis will help in exploiting the opportunities to increase its income and profits and reduce those activities that may lead to lowering of the profits.
There are various threats that the company is facing. Currently the biggest threat is that of the increased competition. Honeywell has some big rivals like Boeing, Lockheed Martin Corporation, General Dynamics Corp., BAE Systems plc, Johnson Controls Inc., United Technologies Corp., BorgWarner Inc. ("Competitors- Honeywell international,”). All these competitors are big players like Honeywell and are giving tough competition to it. Though the market cap of Honeywell is the highest $43.55 billion but Boeing is also not left behind. It is in close competition with Honeywell. United Technologies Corp. popularly known as UTX is also the highest market cap gainer with $78.88 billion. UTX has recently declared dividends and stock buy backs. This is positive news for the shareholders and with the dividends rising and management raising guidance, the industry analysts are beaming a good time for United Technologies ("Utx flying high," 2011). Similarly, BorgWarner Inc. is rapidly trying to expand in Brazil. The Brazilian automotive market is very lucrative now a days and the company is planning to build a large production unit and engineering facility there. This well helps the company to provide better services to its customers by introducing more fuel-efficient technologies ("Borgwarner expands strong," 2011).
With all the competitors turning up with new and better ideas to expand and diversify themselves, Honeywell is facing stiff competition. This is clearly shown in the reduced profit margins of the company. UTX has the highest net income of 4.53 billion dollars with Honeywell being just at 2.2 billion dollars. The quarterly revenue growth of the company is also less than UTX with 14% growth while UTX is aiming for 19% ("Competitors- Honeywell international,").
Other factors that are undermining its growth are the rising prices of the commodity in this sector. Since the input prices are constantly pushing higher especially the fuel prices, it is becoming increasingly difficult to retain the profits in the company. The increase in prices coupled with strict government regulations is forcing the company to look for new opportunities to increase revenue and satisfy the stakeholders.
Lastly, the economic recession of 2008 had severe repercussion on the Honeywell as well like others. The company is still trying to come out of the economic recession. Due to this the cheaper imports flourished in the economy pushing the demand of the original products to quite low. Hence, the threats so arising in the environment are signals for the company to start restructuring itself.
Though the environment is full of threats for Honeywell but there are various opportunities present through which the company can succeed in its missions and goals. There is a growing trend to expand and diversify amongst the companies since the land of US is becoming increasingly smaller to satisfy the demand of every business. Therefore, the best opportunity in front of the company is to expand its operations in various other regions also. New markets like Asia are big storehouse of the resources required by the company.
The company is a big environmentalist and is always keen on putting all its efforts to introduce new technologies to save the planet from hazardous substances. It recently introduced low-global-warming-potential (GWP) blowing agent and propellant (technical name: HFO-1234ze) ("Hon invests for," 2011) to reduce the effect of global warming. This investment will make the company a leading provider of the next generation technology for meeting low-global-warming aerosol propellants, foam blowing agents and refrigerants ("Hon invests for," 2011). This will expand the company’s portfolio with an equivalent opportunity to save the planet as well as expand itself in a cost effective manner ("Hon invests for," 2011).
Other way to expand its operations is to focus on mergers and acquisitions. The recent acquisition of EMS Technologies Inc ("Hon tenders for," 2011) is a leading example of diversification at the end of the company. The acquisition is through a subsidiary of Honeywell and is scheduled to be completed in a short span of time.
Also, Honeywell is entering into new contracts with other companies to propel its growth. It recently engaged itself in a Memorandum of Understanding with Safran ("Honeywell signs aircraft," 2011) in the form of joint venture to build new electric green taxiing technology for the upcoming and existing aircrafts. This system could be revolution in reducing carbon dioxide emissions during runway from the aircrafts. The fuel consumption is also expected to decrease by 4% approximately.
Honeywell has always being respected for contributing its efforts to save the planet. It has been awarded from time to time the Most Ethical Company (Ethisphere Institute), Most Admired Company (Fortune Magazine), Company of the Year (Biofuels Digest), and many more rewards. This has ushered tremendous confidence in the hearts of the customers of the company. This also paves way for the company to introduce renewable fuels and use this energy opportunity to capture the undiscovered market.
Thus, a range of these opportunities can help the company to condense the environment of threats it is being surrounded by.
Internal Analysis

Internal analysis is the exact opposite of the external analysis. Internal analysis helps in evaluating the organization through its inner strengths and weaknesses. These are the real strengths of the company on which it has been surviving. The inherent weaknesses are some of the limitations of the company that have always restricted to it reach the undisputed growth.
Honeywell has constantly been involved in maintaining employees. Though it has successfully implemented various employee training, recruitment, compensation programs, still it has not been able to retain them for low. The employee turnover rate is high for Honeywell. There has been constant evaluation of Honeywell in terms of employee productivity. It is quite low as compared to its competitors. Honeywell has just 130000 employees as compared to UTX which has around 208,200 employees on roll ("Competitors- Honeywell international,"). The probable reason has always been the strict code of conduct policies laid by the company. These policies offer stringent punishments like termination or suspension in case of minor violations also. This has forced the productivity of the employees to be lower.
Other limitation of the company has been moderate presence in the new and emerging markets. The US and European markets have saturated after economic recession. They have experienced almost every single innovation. Honeywell has very less presence in Asian countries. These countries are rich in resources like minerals, employees, to cater to the needs of the company. Almost every multinational company is steeping in these countries to progress themselves.
What Honeywell is today is because of its constant ability to re-invent itself. The four pillars of its strength are believing in themselves to deliver quality service (being a Six Sigma Company), the continuous globalization in different countries, effective sales and marketing organization, and lastly and most importantly creating robust technologies that has spell bounded its customers every time. The invention of latest technology has always funded way for development of new products and services. The research and development is the core of the company. It has over 20000 engineers and approximately more than 100 research facilities.
Honeywell has always been involved in making things better for the people who are involved with it. It is a self-learner and integrative thinker. The company excels in technical and functional excellence. It has always promoted teamwork amongst its employees. It has built a strong relationship with its customers based on trust; who rely on it for their needs consistently.
Honeywell biggest strength is the diverse portfolio of products it provides. It is engaged in aerospace, transportation, automation and control systems, and manufacturing specialty materials. The aerospace facility provides different kinds of engines like propulsions, spacecraft, military aircraft, and aviation aircraft, etc. Through these products the company has been able to modernize the global air traffic. The automation and control systems provides products and services like Fire alarm and video surveillance systems, healthcare systems for monitoring, various electromechanical switches and electronic sensors, etc to ensure safety of life and controlling the combustion in environment. The transportation facility provides products like turbochargers, car care products, coolants, brake pads, etc. These products enhance the performance of the vehicles considerably. Lastly the specialty facility, which provides bio-fuels, chemicals for semi-conductors, fertilizers, environment friendly refrigerants, blowing agents that will not harm the ozone layer, etc are some of the high yielding latest innovations. These fluorocarbons help in serving the petrochemical industry better.
The company’s strong technological face has led to opening of a broad market. Though, the company may be lagging behind in profits as compared to UTX but it is far ahead of its other competitors like BorgWarner Inc., Johnson Controls Inc. The net income of the company has risen significantly from $574 million in previous year to $810 million. The quarterly results of the company are very inspiring due to continuous improvement in world market. Earnings per share also rose from $3.80–$3.95 to $3.85 to $4.00. Free cash flow ranges from $3.5 billion–$3.37 billion with the sales increasing from $36.0 billion–$36.6 billion to $36.1 billion to $36.7 billion ("Honeywell beats, raises," 2011).
Thus, the global mindset coupled with risk taking ability of the company has paved for the success of the company.
Strategic Options

Strategy is a plan of action formulated by a company to reach the desired mission and goals of the company. There are various kinds of strategies like growth strategy, diversification strategy, expansion strategy, etc depending upon the goals of each organization.
Honeywell has repeatedly proven itself but still it is not at the number one position. For reaching, the desired position and fulfilling the mission there are three different strategies that can be formulated for the advantage of the company. These are expansion in rising markets; providing greener technologies, and beating the competition. The strategies will be discussed through Hambrick and Frederickson’s five elements- arenas, vehicles, differentiation, staging, and economic logic.
Expansion in rising markets * Arenas- Honeywell is competent in providing technological, engineering and aircraft as well as consumer products. Its customers consist of the multinational giants, government bodies and the individual consumers. This is the target augment where its ideology will be supported. * Vehicles- Honeywell aims to reach its customers through online stores as well as the through acquisitions and joint ventures. * Differentiators- the products of the company are environment friendly and very innovative. This is what differentiates it from its competitors. It is involved round the clock to provide high-end technological products to its customers. * Staging- the company plans to expand itself through unexplored markets. Its foothold in US and European market will act as the base to reach out its customers in the other regions. * Economic logic- the company plans to reap economic returns by providing cost effective technological products and services, built on the strong suppliers-employee-company relationship. It aims to provide easy building up facilities.
Providing Greener Technologies * Arenas- Honeywell has been involved in providing environment friendly products and services to the customers. Its major customers are the big multinational companies like Reliance Industries, IBM, Samsung, Haier, Dow Chemicals, Valero, PetroChina, ExxonMobil, Shaw Industries, etc. It aims to target companies like these in future. * Vehicles- Honeywell plans to reach its target customers through acquisitions and joint ventures. Of lately it has been involved in acquiring companies through its own subsidiaries for expanding its fuel-efficient technologies. It has established operations in countries like India to meet their demand. * Differentiators- Honeywell has strong and reliable IP and technological place in diverse markets and with products ranging from bio-fuels and environment friendly refrigerants. It plans to win its customers through its innovations. * Staging- the company plans to establish itself through step by step process and country by country basis. It plans to establish in one single country and after establishing its foothold in that country, then it plans to strive ahead in other regions. * Economic logic- the company plans to earn the desired returns by offering the technology in cost effective manner to attract and retain consumers. It also plans to strengthen its relationship with its suppliers from all over the world.
Overcoming Competition * Arenas- Honeywell is a well-established name in the market in the engineering and technological sector. It can enter in those markets where the presence of its competitors is low. Most of the countries are restricted to US and European nations. By entering unexplored markets, the company will be able to overshadow the stiff competition it is facing. * Vehicles- the vehicles its success are the joint ventures and mergers with other companies. This will strengthen its market base. By acquiring smaller companies, it can always hope to cut the competition. * Differentiators- Honeywell’s biggest strength is its capability to reinvent itself unlike its competitors. It has research centre and facilities in over 100 nations with more than 20000 scientists and engineers working for it. It is the holder of ore than 30000 patents. This is what differentiates it from its competitors. * Staging- Honeywell plans to expand on a country-by-country basis and through a sequential and well-laid logical process. This well helps it in establishing its foothold in the various countries better than the competitors. * Economic logic- Honeywell plans to earn profits by providing cost effective technology at competitive prices to its customers. Its aim is to provide better service at reduced cost.
Considering all the three strategies, expansion, and innovation of greener fuels is the most important strategy for the growth of the company. These strategies can help the company to focus on achieving its mission and vision.
Recommendation

Honeywell is a well-grounded organization. The long tenure of the organization has made it rich in experience. Through constant inventions, it has been able to create niche customers for itself. Right now, the company is in the maturity stage of its life cycle. To deepen its economic returns it is advisable to explore new opportunities like its competitors, expand, and diversify itself. The company can expand itself by acquiring smaller companies so that it can multiply its returns. Acquiring smaller companies will help in making it a market leader. Overcoming competition should be its biggest strategy. UTX being its biggest competitor currently is overshadowing it. The returns and strategies of UTX are entirely different from that of Honeywell. So it needs to adopt different strategies to stay in competition. However, it has the most impressive portfolio but due to constant inventions in this industry, Honeywell at times has been left behind. Honeywell has always emphasized on promoting green technologies. This has made it popular in the eyes of the society. Continuing on the same path it can develop more products and technologies like this. This is a sure shot road to the success of the company. Unlike other companies it has develop environmentally conscious products and technologies from time to time. This ensues a positive image of the company. Therefore, it is well advisable to the company to continuously engage itself in research and development for better prospects in future. It is well known that as new the technology the better will be the growth opportunities for the company.
Exhibits:
Revenue & Earnings: Revenue (Million $) | | 1Q | 2Q | 3Q | 4Q | Year | 2011 | 8,909 | -- | -- | -- | -- | 2010 | 7,776 | 8,161 | 8,392 | 9,041 | 33,370 | 2009 | 7,570 | 7,566 | 7,700 | 8,072 | 30,908 | 2008 | 8,895 | 9,674 | 9,275 | 8,712 | 36,556 | 2007 | 8,041 | 8,538 | 8,735 | 9,275 | 34,589 | 2006 | 7,241 | 7,898 | 7,952 | 8,276 | 31,367 |

Graph of Revenue & Earnings:

Earnings per Share: Earnings Per Share ($) | | 1Q | 2Q | 3Q | 4Q | Year | 2011 | 0.88 | E1.00 | E0.98 | E1.10 | E3.96 | 2010 | 0.63 | 0.73 | 0.76 | 0.47 | 2.59 | 2009 | 0.54 | 0.6 | 0.8 | 0.91 | 2.85 | 2008 | 0.85 | 0.96 | 0.97 | 0.97 | 3.76 | 2007 | 0.66 | 0.78 | 0.81 | 0.91 | 3.16 | 2006 | 0.51 | 0.63 | 0.66 | 0.72 | 2.51 |

Expanded Ratio Analysis: | | | | | | 2010 | 2009 | 2008 | 2007 | Price/Sales | 1.24 | 0.96 | 0.67 | 1.38 | Price/EBITDA | 10.07 | 6.83 | 4.48 | 10.45 | Price/Pretax | 14.6 | 9.95 | 6.42 | 14.35 | P/E Ratio | 20.53 | 13.76 | 8.74 | 19.5 | Avg. Diluted Shares Outstg | 780.9 | 755.7 | 743.5 | 774.2 |

Key Growth Rates and Averages | | | | Past Growth Rates: | 1 Year | 3 Years | 5 Years | 9 Years | Sales | 7.97 | -2.72 | 2.75 | 5.42 | Net Income | -6.08 | -7.95 | 4.29 | NM | | | | | | Ratio Analysis: | | | | | Net Margin % | 6.06 | 6.89 | 6.87 | 5.54 | % LT Debt to Capitalization | 33.47 | 38.21 | 35.57 | 33.08 | Return on Equity % | 20.47 | 27.06 | 25.45 | 19.07 |

References

* Our Company. (n.d.). Retrieved from http://honeywell.com * Products & Services. (n.d.). Retrieved from http://honeywell.com * Our History. (n.d.). Retrieved from http://honeywell.com * Htsl - vision, mission, quality policy. (n.d.). Retrieved from http://honeywell.com * Code of business conduct. (n.d.). Retrieved from http://honeywell.com * Competitors- honeywell international inc. (hon). (n.d.). Retrieved from http://finance.yahoo.com * Utx flying high and rewarding shareholders. (2011, July 26). Retrieved from http://blogs.forbes.com * Borgwarner expands strong position in so.america with new campus in brazil. (2011, July 21). Retrieved from http://finance.yahoo.com. * Hon invests for global warming. (2011, July 7). Retrieved from http://finance.yahoo.com * Hon tenders for EMS tech. (2011, June 28). Retrieved from http://finance.yahoo.com * Honeywell signs aircraft MOU. (2011, June 20). Retrieved from http://finance.yahoo.com * Honeywell beats, raises guidance. (2011, July 22). Retrieved from http://finance.yahoo.com