Co-Operation Agreement Focuses on Long-Term Growth of Chinese Aerospace Industry
BEIJING, Nov. 16 /PRNewswire-Asia/ -- Honeywell (NYSE: HON) announced today that it has signed a cooperation agreement with China's Aviation Industry Corporation of China (AVIC) to expand the existing joint cooperation framework and steering committee to launch teams to develop cooperation programs plans on major aerospace systems including avionics, flight controls, air management, lighting, wheels and brakes and auxiliary power units for China's aerospace industry and aircraft. The agreement was signed by Honeywell's Chairman and CEO Dave Cote and the President of AVIC Mr. Lin Zuoming.
Honeywell will work with the AVIC Company to explore joint venture and other cooperative models in order for the two companies to offer world-class solutions for the C919 narrowbody aircraft proposed by China Commercial Aircraft Company (COMAC). This agreement formalizes and extends the joint discussions that have been underway on cooperation. Many AVIC subsidiary companies are involved including AVIC Systems Group, China National Aeronautical Radio Electrics Research Institute (CARERI), Flight Automatic Control Research Institute (FACRI), Harbin DongAn Engine (Group) Corporation (DongAn), Nanjing Engineering Institute of Aircraft Systems (NEIAS), AVIC Radar & Avionic Institute, Shanghai Aviation Electric Co (SAE), and other subsidiaries of AVIC, which will play significant roles in both the development and manufacturing of these systems for the China aerospace industry.
"Honeywell is committed to China's expanding aerospace industry," said Tim Mahoney, President and Chief Executive Officer, Honeywell Aerospace. "Partnering with China's leading aerospace companies demonstrates a shared vision of the future of aviation in China."
Honeywell operates ten different facilities throughout China, including Aerospace maintenance and manufacturing facilities in Xiamen, Nanjing and Shanghai.
In addition, Honeywell announced the creation of the Honeywell China Aerospace Academy at the Honeywell Shanghai Learning Center in Pudong today. The Honeywell China Aerospace Academy will provide learning opportunities for the increasing number of customers in the region. This is another example of Honeywell's holistic approach to establishing China as a key element of its long-term global aerospace strategy.
Based in Phoenix, Arizona, Honeywell's aerospace business is a leading global provider of integrated avionics, engines, systems and service solutions for aircraft manufacturers, airlines, business and general aviation, military, space and airport operations.
Honeywell International (http://www.honeywell.com ) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit http://www.honeywellnow.com.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.
