Honeywell Expands Operations into East Africa
JOHANNESBURG, Nov. 6, 2006 - Honeywell (NYSE:HON) announced today that it is expanding its presence in east Africa through a partnership agreement with Nairobi-based Pegrume Group. The agreement is part of Honeywell's strategy to accelerate growth across the region and provide strong industrial security capabilities to Kenya.
The partnership will deliver world-class security solutions to a wide range of commercial businesses, public sector organizations and industries across East Africa. In particular, the partnership will deliver port-of-entry security solutions at airports and seaports within one of Africa's largest tourist destinations.
Honeywell and Pegrume will jointly invest in local training and development programs to enhance the current engineering skill level in Kenya, the economic hub of east Africa.
"The business relationship with Honeywell was a natural choice as there are great synergies between products and solutions offered by both companies. In addition, the Honeywell and Pegrume business model is structured on reaching long-term mutual beneficial and sustainable relationship with our customers," said Pegrume general manager Helinar Muniu.
"The establishment of a formal presence in East Africa is a logical progression in our growth strategy for the Southern African region," said Jason Whitehead, general manager of Honeywell Process Solutions Southern Africa. "The East African market has great potential, but the safety and security of both local population and tourists is critical for further investment in the region. Honeywell's global capabilities and technological expertise, combined with the unique local knowledge brought by the Pegrume Group, will ensure a successful expansion into East Africa."
Pegrume Limited is a subsidiary of Core Technologies Group - a company with significant market share in the information and communication technology sector in Kenya.
Honeywell International is a $30 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. For additional information, please visit www.honeywell.com. Honeywell Process Solutions is part of Honeywell'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.
Contacts:
Julie Brown
Johannesburg
+27 11 695 8057
julieann.brown@honeywell.com
Erik Rasmussen
Phoenix
+1 602-313-4054
erik.rasmussen@honeywell.com
