Honeywell Beats Fourth-Quarter Sales Estimates, Announces Acquisition of Performance Materials and Technologies Group
Performance Materials and Technology GroupEndogenous sales declined 12% in the fourth quarter, mainly due to continued delays in automation items in the Process Control Division, lower business volume in smart energy and thermal solutions, and lower volume of UOP's gas processing items, catalyst delivery, technology licensing and engineering items due to the weakness of the oil and gas industry; The Performance Materials segment partially offset the adverse effects of the recovery of business growth driven by demand for fluorine products. The Group's segment margin fell by 380 basis points to 18.7% due to lower volumes and mix factors, partially offset by productivity measures.