Honeywell's Chairman And CEO Michael R. Bonsignore To Retire Following 31 Years Of Service
MORRIS TOWNSHIP, N.J. --July 3, 2001--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. Thisrelease 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.
Celanese Chemicals teams with Clarkston to expand customer outreach DURHAM, North Carolina (September 24, 2001) – Celanese Chemicals, in collaboration with Clarkston (clarkstongroup.com), a business and information technology consulting firm, has announced the completion of its online customer outreach systems (celanese.com). AspenTech delivers improved performance and rapid implementation at BASF chemicals plantCAMBRIDGE, Massachusetts (September 24, 2001) – Aspen Technology (aspentech.com) has announced the completion of a project to apply a state-of-the-art production control solution at the BASF (basf.com) steam cracker plant, located in Antwerp, Belgium. RubberNetwork.com names John Garrison as CTOALPHARETTA, Georgia (June 18, 2001) – RubberNetwork.com (rubbernetwork.com), a global electronic purchasing and procurement marketplace created by nine companies in the tire and rubber industry, has named John Garrison as its new Chief Technology Officer. TriLucent Technologies Corp. Announces the Appointment of Senior Oil and Gas Executive to its Board of DirectorsSAN ANTONIO--June 15, 2001--TriLucent Technologies Corp. today announced that it has appointed Donald G. Russell, chairman of its board of directors. Cohesant Technologies Reports Record Sales and Earnings For Fiscal 2001 Second Quarter and First HalfINDIANAPOLIS--June 15, 2001--Cohesant Technologies Inc. (Nasdaq:COHT) today reported record sales and earnings for its fiscal 2001 second quarter and six months ended May 31, 2001. New management team reveal troubles at BluegateBRUSSELS (June 14, 2001) -- The new management of Bluegate, an e-business software provider, has discovered accounting irregularities, product delays and a pending lawsuit that put the company's future viability in doubt. DuPont selects CheMatch as auction solution provider for direct material needsWILMINGTON, Delaware (June 18, 2001) – DuPont has selected CheMatch to provide a full suite of solutions via CheMatch Auctions. RTI Forms Strategic Alliance With Western Rubber ProductsLOS ANGELES--June 18, 2001--Rubber Technology International, Inc.'s (OTCBB:RTEK), President and CEO, Trevor Webb, announced today that the Company has formed a strategic alliance with Western Rubber Products, Ltd. of British Columbia, Canada. Headwaters Inc. Announces Changes in Its Board MembershipDRAPER, Utah--June 18, 2001--Headwaters Inc. (Nasdaq: HDWR) Monday announced two changes in its board membership. Omnexus expands ERP connectivity with IQMSATLANTA (June 4, 2001) -- Omnexus (www.omnexus.com), an online hub for the plastics industry, has teamed with IQMS Software to enable all users of the IQMS EnterpriseIQ ERP system to link to Omnexus and its members. ASPs growing despite problems, IDC saysFRAMINGHAM, Massachusetts (June 4, 2001) -- Despite the challenges facing their industry, new research from IDC indicates that application service provider (ASP) revenues are growing at a compound annual rate of 89%, which should grow the market from $986 million in 2000 to nearly $24 billion by 2005. Ticona web site to add product management and design collaboration servicesSUMMIT, New Jersey (June 4, 2001) -- Ticona, the technical polymers business of Celanese AG, plans to add product management and design collaboration services to its website through an alliance with Conferos Inc. Bayer AG, Degussa automate supply chain activity through ElemicaWAYNE, Pennsylvania (November 20, 2002) -- Elemica, a transaction hub for buyers and sellers of chemicals and related products, says it has executed the first electronic transactions for Bayer AG and Degussa with a leading global tire manufacturing customer. Sigma-Aldrich taps Vistant for customer product management servicesSAN DIEGO, California (November 18, 2002) --Sigma-Aldrich Corp. has chosen Vistant Corp. to deliver automated systems that manage and dispense chemicals and supplies within major customer sites in the pharmaceutical, biotechnology and academic sectors. Study: UK, US, Canada best environments for e-commerceNEW YORK (November 19, 2002) -- A new study strategy and technology consulting firm Booz Allen Hamilton identifies the United States, the United Kingdom and Canada as the nations with the best environments for e-commerce, combining an up-to-date communications infrastructure with strong political leadership. Dow to market caustic soda on ChemConnectMIDLAND, Michigan (November 20, 2002) -– The Dow Chemical Company has announced plans to market caustic soda through an additional sales channel, ChemConnect (www.chemconnect.com), an electronic marketplace for buyers and sellers of chemicals and plastics worldwide, starting in December. Analyst firm predicts large market for Web Services managementWALTHAM, Massachusetts (November 19, 2002) --Web Services management is the second leading roadblock to Web Services adoption after security, according to a report released today by ZapThink, an XML and Web Services-focused industry analyst group. New software modules generate HMIS reports from chemical inventory systemFAIRFIELD, California (November 18, 2002) -- ChemSW has introduced two new modules for its CISPro CIS Chemical Inventory System that can be used to meet Hazardous Material Inventory Statement (HMIS) reporting requirements. Most-admired companies grow annual returns 20%+DURHAM, North Carolina (January 30, 2003) -- Companies that manage their reputations well cement their good standings among employees, customers, shareholders and the general public, according to a report by business intelligence firm Cutting Edge Information. Furthermore, companies that build strong reputations can more easily weather potential corporate crises when they arise. IBM provides expertise to CIDX cyber-security effortSOMERS, New York (January 30, 2003) -- IBM has signed on to help the Chemicals Sector Cyber-Security Information Sharing Forum by supporting CIDX's efforts to establish a chemical industry benchmark for cyber-security. CIDX (Chemical Industry Data Exchange) is responsible for implementing the standards and practices component of the Chemicals Sector Cyber-Security program.
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