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Headquarters:
101 Columbia Road
Morristown, NJ 07962
Employees: 127,000
CEO: David Cote
Stock Symbol: HON
Website:
http://www.honeywell.com
Career Site
Honeywell International is a diversified
technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; turbochargers; and performance materials.
Honeywell is a member of the Dow
Jones Industrial Average. Honeywell has 127,000 employees and more than 22,000 are engineers and scientists.
In 2015, Honeywell reported revenues of $38.6 billion, down 4% from the previous year. Net income was $4.84 billion. The revenue breakdown by segment includes: Aerospace - $15.23 billion; Automation and Controls - $14.1 billion; Performance Materials and Technologies - $9.23 billion.
Honeywell said in March it is ending its bid to merge with United Technologies because of its unwillingness to engage in negotiations.
History
Honeywell can trace its roots back to 1885,
when an inventor named Albert Butz patented the furnace regulator
and alarm. He formed the Butz Thermo-Electric Regulator Co.,
Minneapolis, on April 23, 1886, and a few weeks later invented
a simple, yet ingenious device that he called the "damper
flapper."
Here's how it worked. When a room cooled
below a predetermined temperature, a thermostat closed the circuit
and energized an armature. This pulled the stop from the motor
gears, allowing a crank attached to the main motor shaft to turn
one-half revolution. A chain connected to the crank opened the
furnace's air damper to let in air. This made the fire burn hotter.
When the temperature rose to the preset level, the thermostat
signaled the motor to turn another half revolution, closing the
damper and damping the fire. The temperature correction was automatic.
Over the years, many Honeywell products have been based upon
similar, but more complicated closed-loop systems.
The Consolidated Temperature Controlling
Co. incorporated, acquired Butz's patents and business, and by
1893, had renamed itself Electric Heat Regulator Co. The first
company ads ran in 1895 featuring the now famous thermostat.
In 1898, the company was purchased by W. R. Sweatt, who, by 1916,
had changed the name of the company to Minneapolis Heat Regulator
Company, expanded its product line and patented the first electric
motor approved by Underwriters Laboratories.
Meanwhile, in Wabash, IN in 1904 a young
engineer named Mark Honeywell, was perfecting the heat generator
as part of his plumbing and heating business. Two years later,
he formed the Honeywell Heating Specialty Co, incorporated, specializing
in hot water heat generators.
By 1912, EHR had expanded its product line
and changed its name to Minneapolis Heat Regulator Company (MHR).
Four years later, MHR patented the first electric motor approved
by Underwriters Laboratories.
The 1927 merger
In 1927, Minneapolis Heat Regulator
Company and Honeywell Heating Specialty Co. merged to form the
Minneapolis-Honeywell Regulator Co., and became the largest producer
of high-quality jeweled clocks. W. R. Sweatt became chairman
and Mark Honeywell, president. The company made several acquisitions
in the controls area. One of those acquisitions was the Brown
Instrument Co., a worldwide leader in the field of industrial
controls and indicators, and inventor of the pyrometer. Until
Edward Brown had invented the carbon-rod pyrometer in the mid-nineteenth
century, there was no accurate way to measure the extremely high
temperatures in foundries and kilns.
The company officially changed its name
to Honeywell in 1963. The company merged with AlliedSignal in
2000.
General Electric attempted to buy Honeywell
in 2001 but the deal was foiled by European regulators who were
afraid of the market power that GE would yield with the acquisition.
In 2011, Honeywell sold its consumer products business which included Prestone antifreeze, Autolite spark plugs and FRAM filters to Rank Group Limited for $950 million.
Benefits
Financial Well-Being
The Honeywell Savings Programs
may be employees' most valuable asset in achieving financial
goals. In fact, our overall 401(k) plan was ranked tops among
the 100 largest employers in the United States by USA Today.
These programs help employees save money on taxes and take advantage
of a company matching contribution (in many locations) that multiplies
savings.
Thirty-four factory floor workers in the U.S. and others who
earn less than $80,000 a year have a million dollars or more
in their savings plan. Another 250 are half-millionaires and
4,000 more are quarter-millionaires. Employees outside the US,
where Savings Plans don't exist, can take advantage of a generous
stock purchase plan to share in the company's success.
In addition, most locations around the world offer benefits like
pension, life insurance, disability income protection and other
insurance plans to help employees protect what they have, and
prepare for the future.
Special Discounts
Another program, called Dollar Stretchers, leverages the
company's buying power to help employees' paychecks go further.
Dollar Stretchers are discounts on real estate commissions, mortgage
fees, new and used cars, hotel stays, rental cars, books, and
a host of other useful products and services. In addition, Honeywell
products are incorporated in many consumer products (or sold
directly to customers) and our employees receive discounts on
these products, such as carpet and automobiles.
Health and Well-Being
The Honeywell Health Care Program offers choices in health
care coverage, including medical, dental, and health care spending
accounts for any out-of-pocket expenses. With a growing slate
of coverage options, Honeywell continues to look for better ways
to bring high-quality, affordable health care choices to its
employees. We also promote employee wellness-knowing that prevention
of health issues is better than the inconvenience and cost of
illness by offering programs such as health screenings and
educational sessions. And for those who, regrettably, have a
serious illness in the family, we offer a special program whereby
some of the best doctors at Harvard Medical School team-up to
help you understand more about the situation you're in so that
you're well-informed when you visit your physician.
Life Planning Tools and Resources
Life has its share of challenges-from daily work and family
issues to major events like marriage, divorce, elder care and
relocation. To help employees deal with these challenges, Honeywell
offers many of its employees Life Planning Tools and Resources,
including a "Life Events Line." The Life Events Line
provides free information, referrals, professional advice and
counseling-all through a single toll-free (in the U.S.) phone
line.
Updated March 2, 2016
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