Honeywell signs a strategic cooperation memorandum of understanding with Chongqing Liangjiang New Area - News

Chinese mainland's first national-level development and opening up new area actively introduces Honeywell's leading technology and applications

CHONGQING, Sept. 24, 2012 /PRNewswire/ -- Honeywell (NYSE: HON) announced on September 22, 2012 that it has signed a strategic cooperation memorandum with Chongqing Liangjiang New Area to jointly promote the construction of an aviation industry highland and technology R&D center in Chongqing Liangjiang New Area, and promote the application of Honeywell automation control technology in the construction of Liangjiang New Area. The strategic cooperation memorandum is another important move since Honeywell's friction materials business settled in Chongqing Liangjiang New Area in May this year.

According to the strategic cooperation memorandum, the two sides will set up a special working leading group to establish a long-term cooperation mechanism, and use Honeywell's world-leading technology and advanced experience in aerospace, building control, energy conservation and environmental protection, safety and security, etc., combined with the opportunities and advantages of the Liangjiang region in the central and western development strategy, to promote innovation and development in the fields of general aviation industry, smart city, cloud computing, energy conservation and environmental protection, etc.

Chongqing Liangjiang New Area was officially established in 2010, which is the third national-level new area directly approved by the State Council after Shanghai Pudong New Area and Tianjin Binhai New Area, and is also the first national-level development and opening up new area in Chinese mainland. At present, more than 100 Fortune 500 companies have invested more than 120 items in Liangjiang New Area. In 2011, Liangjiang New Area achieved GDP1380 billion yuan, a year-on-year increase of 23.6%.

In terms of aviation construction, in order to assist Chongqing in building a comprehensive industrial chain such as R&D base, manufacturing base, maintenance center, airport construction and other industrial chains in the western aviation industry, and to build a highland for the western general aviation industry, the two sides will cooperate to review and develop opportunities on China's commercial general aviation end-use aircraft platforms, as well as opportunities to assist in the use of Honeywell's industry-leading turboprop engines on related aircraft introduced in the Liangjiang region.

In addition, relying on the strategic opportunity of Chongqing to obtain the national low-altitude airspace management reform pilot, Honeywell will participate in the design and technical support of low-altitude airspace management and FBO (general aviation service station) construction in Liangjiang New Area to help Chongqing become a national international low-altitude aviation hub. To this end, Honeywell Aerospace Group has visited Chongqing many times to gain an in-depth understanding of the local vision and demand for low-altitude airspace opening, and to share Honeywell's experience in low-altitude airspace management and planning.

In terms of technology research and development, the two sides will establish a Honeywell-Liangjiang New Area Joint Innovation Laboratory according to the strategic cooperation memorandum to cooperate on items related to Honeywell's core technologies such as advanced materials and building automation, and carry out innovative activities in the fields of smart cities, smart buildings, cloud computing, energy conservation and environmental protection. Honeywell will also carry out cooperation and exchanges in the field of R&D with universities, research institutions and large enterprises in Liangjiang New Area, and jointly promote the licensing and transfer of Honeywell-related technologies with Liangjiang New Area. In addition, Liangjiang New Area will actively promote the application of Honeywell's advanced technologies and solutions in items such as cloud computing centers, LED lighting energy saving, building automation control and energy conservation optimization.

Mr. Sheng Weili, President and CEO of Honeywell China, said: "Chongqing is a promising metropolis in western China, with a superior location, strong industrial base and a pool of talent. As the first national-level development and opening up new area in the inland, Liangjiang New Area contains excellent potential and opportunities, and is an important driver for a new round of western development. I believe that this strategic cooperation will push our cooperation to a new level, which also marks another milestone in Honeywell's active participation in the economic development of the Midwest. We look forward to contributing innovative achievements to China's construction of an inland open economy and Chongqing's layout of a modern industrial system, and jointly building a more energy-saving, safer and more efficient society. ”

Xu Ming, Secretary of the Party Working Committee and Director of the Management Committee of Liangjiang New Area, said: "Honeywell has world-leading advantages in the fields of aerospace, energy conservation and environmental protection, safety and security, and is also the first Fortune 500 company to settle down and put into production after the establishment of Liangjiang New Area. We are very pleased to see a first-class multinational company like Honeywell establish closer cooperation with the new area, and look forward to them bringing more innovative technologies, advanced products and rich management experience to the new area to jointly promote the development and economic prosperity of Chinese mainland." ”

Honeywell has a long history of investment and cooperation in Chongqing. In May this year, it invested 45 million US dollars to build and put into operation its world's largest friction material production base in Liangjiang New Area, and in 2007, Honeywell (China) Global Engineering Service Center was established in Chongqing, and achieved item revenue of more than 50 million yuan in 2010 and 2011. In addition, Honeywell's technology and solutions can be seen in the carbon dioxide detection item of Changshou Chemical Park, the energy-saving renovation item of Chongqing Gas Group, Chongqing International Airport, Chongqing Metro Line 1, Chongqing Grand Theatre and other major construction items.

About Honeywell

Honeywell (www.honeywell.com) is a diversified, high-tech advanced manufacturing company of Fortune 100 companies worldwide in aerospace products and services, building, home and industrial control technology, turbochargers and performance materials. Honeywell's history in China dates back to 1935. At that time, Honeywell opened its first distribution office in Shanghai. At present, Honeywell's four business groups have settled in China, and the Asia-Pacific headquarters of all its business units have also moved to China, with a number of branches and joint ventures in 20 cities in China. Honeywell currently employs approximately 12,000 people in China. For more information about the company, please visit the Honeywell website www.honeywell.com.cn.

This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, may be considered forward-looking statements, i.e. statements about acts, events or developments that we intend, expect, plan, believe or anticipate that will or may occur in the future. Such statements are assumptions and estimates made by our management based on its experience and perception of historical trends, current conditions, expected future developments and other relevant factors. This forward-looking statement is not a guarantee of future performance, actual results, developments and business decisions that may not be contrary to those contemplated by such forward-looking statements. Our forward-looking statements are also subject to a number of risks and uncertainties that could affect our near-term and long-term results. These key risks and uncertainties affecting our results are set forth in our Form 10-K and other filings with the Securities and Exchange Commission.

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