Honeywell Joins Oklahoma, Federal Officials In Support Of Ex-Im Bank Contributions To Local Economy

TULSA, Okla. and MORRIS TOWNSHIP, N.J., March 6, 2015 /PRNewswire/ -- Honeywell (NYSE: HON) showcased the benefits of the U.S. Export-Import Bank today at a roundtable attended by Congressmen and local leaders at a Honeywell natural gas equipment manufacturing site near Tulsa, Okla. Oklahoma Governor Mary Fallin also voiced her support for the bank.

"The U.S. Export-Import Bank supports American jobs. It ensures U.S. businesses of all sizes can compete in a global economy," said Honeywell Chairman and CEO Dave Cote. "Ex-Im gives American businesses the opportunity to sell their goods into some of the fastest growing economies in the world."

The roundtable, which followed a tour of manufacturing operations by Ex-Im Bank Chairman Fred P. Hochberg, featured local suppliers to the Honeywell operation. U.S. Rep. Markwayne Mullin also attended the event, as well as staff from of U.S. Sen. James Lankford, U.S. Rep. Jim Bridenstine and Tulsa Mayor Dewey F. Bartlett, Jr.

Honeywell's UOP business, a leader in refining, petrochemical and natural gas technology, employs 430 people in the Tulsa area. Those operations additionally support more than 200 jobs at nearby suppliers.

"Honeywell's UOP sees a tremendous opportunity to export the equipment we make in Oklahoma as more and more countries tap natural gas to meet growing energy needs," said Rajeev Gautam, president and CEO of UOP. "Ex-Im Bank financing is an essential tool that is used judiciously and can level the playing field so we can sell our products in some of the fastest-growing economies."

Honeywell is a U.S.-headquartered net exporter that leverages Ex-Im Bank financing to support a growing list of foreign customers. Honeywell customers have successfully partnered with the Ex-Im Bank to finance deals in countries around the globe, in markets where traditional lenders simply do not offer the necessary financing. Its UOP business has successfully partnered with Ex-Im to sell technology to the oil and gas industry in emerging markets such as Colombia, Brazil, and Turkey.

Governor Mary Fallin, who is one of 29 governors who late last year called on Congress to reauthorize the bank, repeated her support for the bank. "Reauthorizing Ex-Im is the right thin to do for our economy, companies and workers," she said. "Ex-Im Bank financing has supported nearly $1 billion in exports from Oklahoma since 2007 It is an essential tool for Oklahoma job creation and economic growth."

"When Honeywell exports its advanced, made-in-Oklahoma technology with Ex-Im Bank financing, it not only supports jobs at Honeywell's Tulsa plant, it supports workers at dozens of smaller Oklahoma businesses in Honeywell's supply chain," said Hochberg. "With global competition fiercer than ever, Ex-Im Bank levels the playing field for Oklahoma workers."

Honeywell UOP's site in the Port of Catoosa, which hosted the event, produces UOP Russell modular gas equipment, which is used to remove contaminants such as water and sulfur from natural gas, and to recover valuable natural gas liquids such as propane and ethane. Because it employs modular design and construction, UOP Russell equipment can easily be shipped to remote locations where gas is often discovered. Modules fit together quickly and efficiently, significantly reducing construction time and expense. 

The event also showcased UOP's Callidus combustion equipment which include flares used to safely dispose of waste gas, as well as burners, catalytic reduction systems and thermal oxidizers. Callidus equipment is built in Beggs, near Tulsa.

Honeywell Performance Materials and Technologies (PMT) is a global leader in developing advanced materials, process technologies and automation solutions. PMT's Advanced Materials businesses manufacture a wide variety of high-performance products, including environmentally friendlier refrigerants and materials used to manufacture end products such as bullet-resistant armor, nylon, computer chips and pharmaceutical packaging. Process technologies developed by PMT's UOP business (www.uop.com) form the foundation for most of the world's refiners, efficiently producing gasoline, diesel, jet fuel, petrochemicals and renewable fuels. PMT's Process Solutions business (www.honeywellprocess.com) is a pioneer in automation control, instrumentation and services for the oil and gas, refining, pulp and paper, industrial power generation, chemicals and petrochemicals, biofuels, life sciences, and metals, minerals and mining industries.

Honeywell (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; turbochargers; and  performance materials.  For more news and information on Honeywell, please visit 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 economic and industry 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. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/honeywell-joins-oklahoma-governor-mary-fallin-in-support-of-ex-im-bank-contributions-to-local-economy-300046586.html

SOURCE Honeywell

[ Back To TMCnet.com's Homepage ]