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Honeywell Signs $1.3B in New Contracts


06:00 PM EST June 13, 2003
The Associated Press


MORRIS TOWNSHIP, N.J.

Aerospace parts maker Honeywell International has signed new contracts worth $1.3 billion to provide commercial jet parts and services.

The agreements, with at least six major buyers, are for cockpit systems, engine parts, satellite communications gear, wheels, brakes and maintenance services.

Morris Township-based Honeywell announced the new orders Friday at the Paris Air Show, the industry's premier European show.

"These new contracts demonstrate that major companies believe in Honeywell's ability to add significant value in an increasingly competitive and global aerospace market," Honeywell Aerospace President and CEO Robert D. Johnson said in a prepared statement.

The largest component of Honeywell's new business is a $728 million contract with easyJet, a discount European carrier, for various products for Airbus A319 aircraft. Honeywell will produce avionics systems, auxiliary power units, engine controls, anti-ice valves and other products for 120 Airbus A319 aircraft, with options for 120 more.

Honeywell also will supply $290 million in Airbus A380 engine parts for General Electric; $115 million worth of wheels and brakes for Continental Airlines, and $100 million in cockpit electronics with Brazilian aircraft manufacturer Embraer.

Honeywell said it expects aerospace revenue to decline for the year. The company forecasts $8.6 billion in aerospace sales this year, down from $8.9 billion last year.

Shares in Honeywell fell 5 cents to close at $27.86 on the New York Stock Exchange.

 
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