As Wall Street Shuts Down, Honeywell Stays Busy
For the second day in a row, Wall Street's gone fishin'. But at least some companies have news to report -- and some, quite a bit of news.
This morning, industrial conglomerate Honeywell (NYS: HON) announced it will provide upgraded environmental control, communications and navigation systems for Cessna Citation Latitude and Longitude aircraft produced by fellow industrialist Textron (NYS: TXT) . The new business is expected to produce up to $800 million in revenues for Honeywell "over the life of the program." Honeywell did not say, however, how long "the program" will run.
In another deal, Inmarsat PLC named Honeywell its "exclusive wireless airtime reseller" for Inmarsat's Global Xpress Ka-band aircraft connectivity services, and also its exclusive reseller of related hardware for business aviation jet customers. The new services and hardware are aimed at capitalizing on a growing market for use of mobile devices on aircraft in-flight. Data traffic from mobile devices is expected to grow by as much as 6,200% over the next three or four years, Honeywell said in its press release.
Finally, Honeywell inked a $80.6 million contract with the U.S. Air Force to "improve operations and cut utility costs at Tinker Air Force Base (AFB) near Oklahoma City, Okla." Currently the Air Force's least efficient energy user, Tinker aims to reduce energy usage by 30% over the next 20 years, saving $170 million in total energy costs. Honeywell plans to complete work on the improvements sometime in 2015.
The article As Wall Street Shuts Down, Honeywell Stays Busy originally appeared on Fool.com.Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool owns shares of Textron. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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