The current issue of Fortune Magazine features Honeywell Chairman and CEO Dave Cote, highlighting the remarkable transformation in financial performance, culture and operations the company has experienced during his decade as leader.   

From his childhood through college and into his career, the article describes Cote as an independent thinker who values hard work and focus.  Under Cote, Honeywell’s stock price is up 84% with a total shareowner return of 215%, outperforming almost all names in its industrial peer group and the S&P 500.  He is credited with aligning the Honeywell, Allied Signal and Pittway cultures and introducing disciplines across the business, such as the Honeywell Operating System (HOS), to unite the company and mobilize the work force under common goals.  The article also highlights Cote’s push to transform Honeywell’s process for mergers and acquisitions, acquiring 70 businesses and divesting 40 over a decade, to shift the company’s portfolio to game-changing technologies that drive high margins and rapid growth. 

The article appears in the magazine’s Fortune 500 issue, which is on newsstands now.  The issue also shows Honeywell at number 77 on the Fortune 500 list, up four spots from 2011.

Read the article.

Emerald Biofuels LLC has signed an agreement with Honeywell’s UOP to license technology that will produce 85 million gallons of Honeywell Green Diesel™ per year.  Emerald will use UOP/Eni Ecofining™ process technology to convert inedible natural oils and animal fats to the biofuel, which is a drop-in replacement for traditional diesel, and, unlike biodiesel, can be used in any proportion in existing vehicle fuel tanks, storage and pipelines without any changes.

Honeywell Green Diesel offers high energy density, excellent performance at cold or warm temperatures, and features up to an 80 percent lifecycle reduction in greenhouse gas emissions compared with diesel from petroleum.

The Ecofining technology from Honeywell’s UOP will also be used by Valero Energy Corp. and Darling International Inc. in a new unit that will convert animal fats and cooking oil to Green Diesel in Valero’s St. Charles refinery near Norco, Louisiana.  The facility is expected to start up by the end of 2012. 

Read the press release
Learn more about Honeywell Green Diesel

Honeywell Chairman and CEO Dave Cote was interviewed on CNBC’s Mad Money with host Jim Cramer to discuss the company’s strong first quarter 2012 financial results, highlighting a 7% increase in sales and an 18% increase in earnings per share versus the same quarter last year. 

Also, as part of CNBC’s and Mad Money’s Earth Week theme, Cote showcased some of Honeywell’s energy efficient solutions, including: a Honeywell turbocharger that can get 40 miles to a gallon of gas; Honeywell Green Jet Fuel made from inedible feedstocks that is powering military and commercial biofuel flights; Honeywell Total Connect system, which provides simple, integrated access to all of a user’s systems at home, helping to manage and reduce energy use; Honeywell’s Prestige thermostat, which helps homeowners save 33% on their home energy bill; and Honeywell’s 3D Weather Radar technology, which provides pilots improved safety and reduces flight delays to save fuel. 

“It’s got to be a good product, and got to accomplish a good end,” Cote said, referring to Honeywell’s approach to energy efficient technology.  “It’s got to be easy to use, and it has to make sense because if it doesn’t make economic sense, it’s not going to last.”

Watch the video

Honeywell Green Jet Fuel™ will be used in the world’s first comprehensive test program using a new natural oil derived from brassica carinata, a non-food industrial crop specifically designed for biofuel production.  Additionally, the flight program will test biofuel blends that contain higher amounts of biofuel than the standard 50/50 mix of biofuel to petroleum fuel used in the aviation industry today. 

The test flights will be completed this spring in Canada with the National Research Council of Canada (NRC) Institute for Aerospace Research and biofeedstock supplier Agrisoma Biosciences, Inc.  In addition to validating the brassica carinata as a viable source for biofuels, the flights will collect valuable inflight emissions data utilizing a trailing aircraft. 

“This is a unique program of test flights, given that we are using a new feedstock to produce the Honeywell Green Jet Fuel, and it will be used in higher ratio than before,” said Jim Rekoske, vice president and general manager of the Honeywell UOP’s Renewable Energy and Chemicals business unit. “Additionally, the collection of in-flight emission will allow for further verification of the superior environmental performance of Honeywell Green Jet Fuel.”

Read the Press Release.
Learn more about Honeywell Green Jet Fuel.
 

Porter Airlines has successfully conducted the first biofuel-powered revenue flight in Canada using aviation biofuel made by Honeywell’s UOP.  The Green Jet Fuel, which was made from the plants camelina and brassica carinata and then blended in a 50/50 ratio with petroleum-based fuel, powered one engine of the Bombardier Q400 turboprop aircraft as it flew from its base at Billy Bishop Toronto City Airport to Ottawa. 

To date, Honeywell’s Green Jet Fuel has been used flawlessly in almost 30 commercial and military flights.  The fuel was approved for use in commercial flight on July 1, 2011, and, since that time, Honeywell’s biofuel has been used on a number of commercial, passenger-bearing flights including an Aeromexico weekly route from Mexico City to Costa Rica, and a United flight from Houston, Texas to Chicago, Ill.  The fuel meets all specifications for flight and has shown improved energy efficiency, allowing aircraft to fly further on less fuel. 

Learn more about Honeywell Green Jet Fuel

The U.S Navy has successfully tested Honeywell Green Diesel fuel made from algae on the USS Ford. 

The frigate sailed from Everett, Wash., to San Diego, Calif. on March 2 powered by a 50/50 blend of Green Diesel made from algae and petroleum-based diesel fuel.  The algae, supplied by Solazyme, Inc., was converted to the drop-in replacement biofuel using process technology by Honeywell’s UOP.  

The U.S. Navy began its biofuel testing and certification program in April 2010 with the use of Honeywell Green Jet Fuel on the super-sonic biofuel flight of the F/A-18 “Green Hornet.” Since then it has successfully completed biofuel demonstration flights on a range of aircraft in its fleet, including the MH-60S Seahawk, the MV-22 Osprey, the T-45 Goshawk, AV-8B Harrier and the Fire Scout unmanned vehicle. Green fuels made from Honeywell UOP process technology have also been successfully tested on the Riverine Command Boat (RCB-X) and the USS Paul F. Foster destroyer. Fuel for testing was supplied as part of a joint program for the U.S. Defense Logistics Agency – Energy (DLA-E) for alternative fuels testing and certification.

Learn more about Honeywell biofuels.

The company reported full-year 2011 results including:
• 2011 sales of $36.5 billion, up approximately 13% over 2010
   – 8% organic sales growth, again reflecting strong end markets, successful new product launches, and continued expansion in high growth regions
• 2011 proforma earnings (excluding the impact of pension mark-to-market adjustments)  of $4.05 per share, up 35% over $3.00 in 2010; Reported EPS of $2.61 in 2011 versus $2.59 in the prior year
   – Pension mark-to-market adjustment of $1.44 per share calculated using 791.6 million weighted average shares outstanding assuming dilution
• 2011 cash flow from operations of $2.8 billion, includes $1.7 billion cash pension contribution in the year
   – 2011 free cash flow of approximately $3.7 billion, prior to $1.7 billion cash pension contribution

“Honeywell had a terrific 2011,” said Honeywell Chairman and CEO Dave Cote. “We executed across the portfolio with record organic sales growth and segment margins. Our 2011 performance reflects the operational and financial disciplines that underpin the transformation that has taken place at the company over the last 10 years. We deployed the Honeywell 5 Initiatives – Growth, Productivity, Cash, People, and our Enablers, and created a common One Honeywell culture committed to continuous improvement. As a result, we built a better set of businesses with Great Positions in Good Industries, a terrific performance track record, a great leadership team with a truly global focus, a very full pipeline of new products and technologies, and our key process initiatives that are gaining momentum. We’ve come a long way, and we feel even better about our future.”

“While we expect a more challenging macro environment ahead in 2012, primarily driven by softness in Europe impacting the short-cycle businesses, we’re confident that Honeywell is well positioned to continue to outperform,” continued Cote.  “Our long-cycle businesses are accelerating, with Commercial Aerospace OE, UOP, Building Solutions & Distribution, and Process Solutions all having substantial backlog, in total just under $16 billion. While we expect growth to moderate in the first half of 2012, we’re confident that we can drive strong sales conversion leading to higher segment margins over the course of the year.  The investments we’ve made, coupled with our execution track record and disciplined playbook, will be key to our continued outperformance in 2012 and beyond.”

For more information, read the press release or listen to a replay of the Investor Conference Call.

Honeywell has named Briand Greer President of Aerospace Asia Pacific. Greer is based in Shanghai and will report to Tim Mahoney, President and CEO of Honeywell Aerospace. Greer succeeds Mark Howes, who will be returning to Phoenix, Arizona, to continue a role within the Aerospace Leadership Team.

As president of Honeywell Aerospace in Asia Pacific, Greer will oversee direct Honeywell operations across six countries and broader field operations across a network of 14 countries in the region. 
 
“Briand has more than 20 years of experience in the aerospace industry,” said Mahoney. “Briand’s deep understanding of our technologies and capabilities, combined with his track record of growing our Aerospace business globally, will be critical to strengthening our position in Asia Pacific and help advance China’s aviation industry.”

Greer was most recently Vice President of China Growth at Honeywell Aerospace, in which he was responsible for all strategic growth initiatives with the Aviation Industry Corporation of China (AVIC) and other entities across the region. Previously, Greer has held positions with Honeywell as Vice President of Global Sales and Business Development for the Defense & Space business unit and as Vice President of Airline Sales, where he was responsible for global airline sales, business development strategies and execution.  Greer has traveled and done business in Asia for the past 15 years and has led aerospace business development in China for the last seven years.

For more information, read the press release.

UOP LLC, a Honeywell company, announced that Honeywell Green Jet Fuel™, produced using process technology from Honeywell’s UOP, is powering Aeroméxico’s Mexico City to San José, Costa Rica route, marking one of the first uses of renewable fuels in everyday airplane passenger service.

Honeywell’s UOP process technology produces Green Jet Fuel from natural oils and wastes.  The fuel meets all specifications for flight and, when used in a 50-50 blend with petroleum-derived jet fuel, is a drop-in replacement that requires no changes to the aircraft or engine.

Aeroméxico has begun use of Green Jet Fuel made by Honeywell’s UOP on its regular Mexico City to Costa Rica route as part of its “Green Flights” project designed to reduce greenhouse gas emissions. The Aeroméxico-operated Boeing 737-700, which carries up to 124 passengers, will use a 15 percent blend of Green Jet Fuel made from the inedible plant camelina and petroleum-based fuel. 

For more information, read the press release.

UOP LLC, a Honeywell company, announced that Green Jet Fuel, produced jointly with PetroChina, powered China’s first biofuel demonstration flight.

The Air China demonstration flight, which took off and landed in Beijing, used a 50 percent blend of petroleum-based fuel and Green Jet Fuel made from the inedible plant jatropha in one engine of a Boeing 747-400 aircraft. The jatropha used to produce the fuel was grown on PetroChina’s jatropha plantation cooperation base in southwest China.

Honeywell’s UOP process technology produces Honeywell Green Jet Fuel™ from natural oils and wastes such as jatropha, camelina, and algae. The fuel meets all specifications for flight and, when used up to a 50 percent blend with petroleum-derived jet fuel, is a drop-in replacement that requires no changes to the aircraft or engine. 

To date, more than 700,000 gallons of Honeywell Green Jet Fuel have been produced for use in more than 20 test and commercial flights on military and commercial platforms. In each flight, the biofuel performed as well, if not better, than traditional petroleum-based fuels.

For more information, read the press release.