Honeywell Signs $12 Million Agreement with
Saudi Petrochemical Company
Tuesday March 14, 11:25 am ET
Technology and Services Will Help SABIC Maximize Productivity and Improve Return on Investment
PHOENIX--(BUSINESS WIRE)--March 14, 2006--Honeywell signed a $12 million agreement with Saudi Basic Industries Corporation (SABIC), a leading petrochemical company, to provide advanced process control and implementation services to SABIC sites throughout the Kingdom of Saudi Arabia.
Under the terms of the agreement, Honeywell will provide optimization applications based on its Profit® Suite technology, including core applications Profit Controller and Profit Optimizer. By using these fully integrated applications within a scalable architecture, Honeywell can help process manufacturers increase plant efficiency and improve plant performance.
"We've worked with Honeywell in the past on the fundamental operation of our facilities, so we're confident in its ability to help us optimize plant performance," said Mohamed H. Al-Mady, SABIC vice chairman and CEO. "We are also impressed by Honeywell's extensive global resources, which will enhance our ability to compete in the global market."
"It makes financial sense for companies like SABIC to optimize the performance of their existing facilities," said Jack Bolick, president of Honeywell Process Solutions. "Honeywell is in a good position to help because we have offerings specifically geared toward that purpose, and we can provide local expertise to deliver these services and solutions."
Honeywell has delivered over 2,000 advanced process control and optimization applications to more than 150 customers at over 250 sites worldwide. Based on an internal analysis of the benefits of running Advanced Process Controls, Optimization and Simulation applications in industrial processes, Honeywell has delivered in excess of $5.2 billion of benefits to its customers over the last 10 years.
SABIC is the largest publicly traded company in the Middle East, and the seventh largest petrochemical company in the world (in annual revenues). The company is headquartered in Riyadh and has assets of $34 billion, a market capitalization of more than $175 billion, annual production of more than 43 million metric tons, and product exports to more than 100 countries.
Honeywell International is a $28 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.
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