ChevronTexaco and Honeywell Extend Global Alliance Agreement for Automation.Business Editors PHOENIX--(BUSINESS WIRE)--May 9, 2002 The Industry Solutions business of Honeywell (NYSE NYSE See: New York Stock Exchange :HON) today announced that it has signed a Global Alliance agreement with ChevronTexaco that extends the companies' alliance relationship for an additional three years. Since the alliance began in 1992, Honeywell has supplied ChevronTexaco with more than $750 million of equipment and services. The agreement supports the sale of automation systems, advanced application software and a variety of related services. It also provides a standard set of global terms and conditions designed to reduce both companies' cost of doing business. The alliance agreement supports ChevronTexaco's "4+1 Strategy" to deliver industry-leading performance in the areas of operational excellence, cost reduction, capital stewardship, and profitable growth, while developing superior organizational capability. Terry Sutter, President of Honeywell Industry Solutions, said, "We're very pleased to renew our special teaming relationship with ChevronTexaco. We look forward to supporting the company's drive to world-class performance through the leveraging of best practices, consistent technology evolution, and advanced support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services ." Headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Calif., ChevronTexaco is the fifth largest energy company, based on market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. . More than 53,000 ChevronTexaco employees work in approximately 180 countries around the world, producing oil and natural gas, refining petroleum, and selling fuels and other energy products. Industry Solutions, a global business in the Honeywell Automation and Control Solutions group (ACS (Asynchronous Communications Server) See network access server. ), provides automation and business solutions that help customers achieve improved productivity, compliance, safety, and decision-making. ACS is a US$8 billion global leader in providing product and service solutions to create efficient, safe, and comfortable environments and help business and industry improve productivity and profitability. It comprises four businesses: Industry Solutions; Service; Security and Fire; and Control Products. ACS offers heating, ventilation, humidification Humidification The process of increasing the water-vapor content (humidity) of a gas. This process and its reverse operation, dehumidification, are important steps in air conditioning for human comfort and in many industrial operations. and air-conditioning equipment controls, security and fire alarm systems, home automation systems, energy-efficient lighting controls, and building management systems and services. It also provides automation systems, advanced software solutions, and value-added services used in a variety of industries. ACS is also a global supplier of sensors, switches, and control products for industrial applications. For more information about Industry Solutions, access http://www.iac.honeywell.com Honeywell is a US$24-billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; specialty chemicals; fibers; plastics; and electronic and advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, . Honeywell employs approximately 115,000 people in 95 countries and is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol HON, as well as on the London, Chicago and Pacific stock exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average Dow Jones Industrial Average The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. and is also a component of the Standard & Poor's 500 Index. Additional information on the company is available on the Internet at www.honeywell.com. This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets , financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act. |
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