Honeywell Wins $7 Million Modernization Contract
Wednesday March 23, 12:24 pm ET
Integrated Automation Solution Will Provide Significant Benefits For Romanian Chemical Producer
PHOENIX--(BUSINESS WIRE)--March 23, 2005--Honeywell Process Solutions announced today a $7 million chemical production facility-wide contract with Romanian chemical producer Oltchim. The automation solution includes the Experion(TM) Process Knowledge System and field instrumentation (transmitters, control and motorized valves). The project is scheduled to be complete in 2006, with the first unit start up during the fourth quarter of 2005.
Oltchim selected the Honeywell solution for its ability to drive high economic returns and achieve major improvements in quality control, plant operability and due to a very attractive financing scheme offered by Honeywell.
"Honeywell's overall automation solution will enable us to increase the overall production for some important Oltchim products like PVC, Propen Oxide and Poliols to maximize its benefits, as well as to minimize our operating costs. We are committed to extend the scope of the contract in order to include a real time steam and heat consumption control system able to improve the overall energy consumption of Oltchim," said Constantin Roibu, the GM of Oltchim.
"The combined economic benefits of the Experion and of the financing scheme offered by Honeywell will significantly improve Oltchim's margins and ensure high project returns together with a very good cash flow evolution," said Jerry Walker, vice president of operations for Honeywell Process Solutions. "Honeywell financed Oltchim in order to speed up its development and the fact that Oltchim dramatically increased its overall production and turnover during 2004 created the necessary confidence to look for future similar projects."
"Based on our already long term cooperation, since 1996, and on the estimated very good progress of the actual project, both Oltchim and Honeywell are committed to continue their cooperation. This will include the process control complete revamp of other Oltchim's installations like Monomers, Sodium Chloride Electrolyze and TDI, also including Honeywell's state of the art Advance Control solutions, contributing to the aggressive development of Oltchim competitiveness within the East European chemical market," said both Roibu and Walker, as a common conclusion.
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.
Experion(TM) is a trademark and FSC® is a registered trademark of Honeywell International Inc.
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