Honeywell Signs $20 Million Service Agreement with Mol Hungarian Oil & Gas
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PHOENIX, Oct. 25, 2005 - Honeywell (NYSE: HON) today announced it was
awarded a five-year, Integrated Service Agreement (ISA) worth more than $20
million from a subsidiary of MOL Hungarian Oil and Gas Company, Hungary's
largest company, to provide after-market services across MOL's four refinery
and petrochemical sites in Hungary and the Slovak Republic. It will provide
full technology support for MOL's existing Honeywell TDC3000®, TPS and
Experion® Process Knowledge Systems (PKS), as well as software support,
parts management, site services and future technology refreshes to help the
plants maintain safe and consistent operating environments.
"One of our primary challenges as a leader in the hydrocarbon processing
industry is to continuously improve our operations and set standards for
best practices that we and others can sustain over time," said Laszlo
Fekete, director of corporate services, MOL Group. "Honeywell technology and
services can provide us with efficient, effective solutions that will help
us meet our targets and sharpen our global competitiveness."
"Having worked with Honeywell for more than two decades, MOL was confident
in our ability to understand its business requirements and provide increased
reliability as well as a unified and common approach to service delivery,"
said Jack Bolick, president of Honeywell Process Solutions. "The contract
demonstrates Honeywell's ability to capitalize on our local expertise across
multiple markets to deliver consistent, efficient services that provide our
customers with improved business performance and increased competitiveness."
MOL is one of Europe's largest integrated oil and gas companies and is the
largest company in Hungary in terms of sales. Honeywell's relationship with
MOL dates back to 1983, and in 2004 it was awarded MOL's Annual Supplier
Award for outstanding performance of its process control systems.
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. 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.
This release contains forward-looking statements as defined in Section 21E
of the Securities Exchange Act of 1934, including statements about future
business operations, financial performance and market conditions. Such
forward-looking statements involve risks and uncertainties inherent in
business forecasts as further described in our filings under the Securities
Exchange Act.
TDC3000® and Experion® are registered trademarks of Honeywell International
Inc.
Contacts:
Erik Rasmussen
erik.rasmussen@honeywell.com
Geraldine Grewal
ggrewal@webershandwick.com
