HON Honeywell International Incorporated

RNS Number:3378G
Honeywell International Inc (IRS)
4 July 2001

( BW)(NJ-HONEYWELL)(HON) Honeywell's Chairman And CEO Michael R.

Bonsignore To Retire Following 31 Years Of Service



   Business Editors



   MORRIS TOWNSHIP, N.J.--(BUSINESS WIRE)--July 3, 2001--Honeywell (NYSE: HON)



       Honeywell's Board Of Directors Names Lawrence A. Bossidy

                 Chairman And Chief Executive Officer



  New CEO To Focus On Re-Energizing Honeywell's People And Portfolio,

              Re-Establishing Consistent Earnings Growth



        Honeywell Expects 2001 Second-Quarter Revenue To Be $6

              Billion, Ongoing EPS To Range From $0.53 To

               $0.55, Free-Cash-Flow To Range From $175

                        Million To $200 Million



      Forecasts Full-Year 2001 Revenue To Range From $24 Billion

             To $24.5 Billion, EPS To Range From $2.15 To

           $2.30, Free-Cash-Flow To Range From $900 Million

                             To $1 Billion



   The Board of Directors of Honeywell (NYSE: HON) said today that

Michael R. Bonsignore has announced his intention to retire from the

company, effective immediately. In making the announcement, the Board

expressed its appreciation to Bonsignore for his more than 31 years of

service with Honeywell.

   Speaking for the Board, Robert P. Luciano, said, "The Board would

especially like to thank Mike for his leadership and contributions

during the AlliedSignal/Honeywell merger through its proposed merger

with GE. We wish him and his family all the best as he enters an

exciting new stage of his life."

   The Board also announced that it has named Lawrence A. Bossidy as

Honeywell's Chairman of the Board and Chief Executive Officer.

Bossidy, 66, served as Chairman and CEO of AlliedSignal from 1991 to

1999, when he became Chairman of Honeywell following the merger of the

two companies. He retired from the company in April 2000. With

Bossidy's return, the Board expects that Honeywell will implement a

strategy to enhance shareowner value as an independent company.

   Bossidy is credited with transforming AlliedSignal into one of the

world's most admired companies, whose success was largely shaped by an

intense focus on growth and Six Sigma-driven productivity.

   "There is tremendous value in Honeywell, from its 120,000

dedicated employees to its world-class technology and products,"

Bossidy said. "In addition to continuing to improve our cost

structure, we will deal decisively with the prevailing business

issues.

   "We will move quickly and aggressively to improve our performance,

further strengthen our management team and rebuild the confidence of

our shareowners, customers and employees," Bossidy continued. "We will

reenergize and refocus our employees and, with their hard work,

Honeywell will create greater shareowner value and resume our journey

to become a premier global company."

   The company expects second-quarter revenue to be $6 billion, with

second-quarter ongoing earnings per share (EPS) expected to range from

$0.53 to $0.55. The EPS estimate excludes a charge expected to range

from $575 million to $625 million (pre-tax) related primarily to

repositioning, customer settlements, asset impairments, merger-related

expenses, legal and environmental costs. Second-quarter free-cash-flow

is expected to range from $175 million to $200 million.

   The company is forecasting full-year 2001 revenue to range from

$24 billion to $24.5 billion, with on-going earnings per share to

range from $2.15 to $2.30. Full-year free-cash-flow is expected to

range from $900 million to $1 billion.

   "It is time to leave behind the distractions of the past several

months and to immediately implement a laser-sharp focus on

consistently meeting our financial commitments and our customers'

needs," Bossidy said.

   Honeywell is a US$25-billion diversified technology and

manufacturing leader, serving customers worldwide with aerospace

products and services; control technologies for buildings, homes and

industry; automotive products; power generation systems; specialty

chemicals; fibers; plastics; and electronic and advanced materials.

Honeywell employs approximately 120,000 people in 95 countries and is

traded on the New York Stock Exchange under the symbol HON, as well as

on the 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. Additional information

on the company is available on the Internet at www.honeywell.com.

   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.



   --30--ad/ny* ir/in*



    CONTACT: Honeywell, Morris Township

             Tom Crane, 973/455-4732

Honeywell (LSE:HON)
Historical Stock Chart
From Jun 2024 to Jul 2024

Honeywell (LSE:HON)
Historical Stock Chart
From Jul 2023 to Jul 2024