Honeywell Announces $1.058 Billion Of Customer Contract Wins At Farnborough Airshow.

Business Editors

MORRISTOWN, N.J.--(BUSINESS WIRE)--July 22, 2002

Product Wins And Service Agreements Valued At $762 Million And

$297 Million, Respectively

Honeywell (NYSE: HON) said today that its Aerospace business has announced at the Farnborough Airshow in England more than $1 billion in product ($762 million) and service agreement ($297 million) contract wins.

"The diversity of our aerospace technologies, products and services and our contract win rate of 86% show why Honeywell is the premier supplier to our industry," said Bob Johnson, President and CEO, Honeywell Aerospace. "Whether its avionics for Airbus, air management systems for Lockheed or service and logistics management for Southwest and Delta, Honeywell delivers what our customers need to be competitive and reduce their costs."

The company said the new contracts include:

- Next Generation Air Data Inertial Reference Units for Airbus A380, A330/A340 and A320 aircraft. The new avionics provide triple redundancy for navigation and communication equipment.

- Avionics for Swiss International Airlines new Airbus A340-300 aircraft. The avionics selected will provide satellite communication and navigation information for the flight crew and solid state flight data and voice recorders.

- Integrated Air Management System for the Lockheed C-5. This improved system provides the environmental control and pressurization components for the aircraft.

- Avionics and Wheels & Brakes for Ryanair's 737-800 aircraft. Avionics include wind shear detection, collision avoidance systems and solid-state flight data and voice recorders.

- Maintenance Service for 300 Delta APUs for Boeing 777, 767-400 and MD88 aircraft. Honeywell will also handle the full APU parts inventory that will give Delta mechanics immediate access to new and serviceable parts, reducing maintenance time and expense.

- Avionics, including the GPS and inertial navigation system, engine systems, and wheels & brakes for 40 Boeing F-15K fighter-bombers purchased by the Republic of Korea.

- An extended Maintenance Service Agreement with Southwest Airlines covering APUs, environmental control system components and engine systems and accessories.

Honeywell's aerospace business has sales of $9 billion and is headquartered in Phoenix, Arizona, USA. It 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 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. Honeywell employs approximately 115,000 people in 95 countries and is traded on the New York Stock Exchange 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 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, 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.