Honeywell to Acquire InterCorr International; InterCorr's Proprietary SmartCET Online Technology Can Reduce Corrosion Costs to Process Control Customers by up to 20 Percent.PHOENIX -- Honeywell (NYSE NYSE See: New York Stock Exchange :HON) announced today the signing of a definitive agreement to acquire InterCorr International, Inc., a worldwide leader in solving corrosion and materials problems. InterCorr's proprietary SmartCET (see Note A) technology will be integrated with Honeywell's Experion(TM) Process Knowledge System (PKS PKS Penalty Kicks Saved (soccer; goalie save) PKS Partai Keadilan Sejahtera (Indonesia) PKS Phi Kappa Sigma (international male fraternity) PKS Pallister-Killian Syndrome ) to provide online, real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. that will help customers reduce maintenance costs and increase unit productivity through minimizing failures, avoiding unplanned downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. and increased run time. Financial terms were not disclosed. Closing of the transaction is subject to customary conditions and is expected to occur in July 2005. Based in Houston, InterCorr is world-renowned for its technical expertise in the petroleum, energy and transportation sectors. The company has served more than 850 clients in 32 countries over its 21 year history. The company specializes in corrosion monitoring instrumentation, testing and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" and predictive software and corrosion research. "Global process control industries spend an average of $50 billion a year on corrosion problems, which can hinder their abilities to operate at optimal levels," said Jack Bolick, president of Honeywell Process Solutions. "By integrating InterCorr technology with Experion PKS, we anticipate helping our customers save on corrosion detection and prevention. It has been estimated that the cost of corrosion can be reduced by up to 20 percent through the paradigm shift A dramatic change in methodology or practice. It often refers to a major change in thinking and planning, which ultimately changes the way projects are implemented. For example, accessing applications and data from the Web instead of from local servers is a paradigm shift. See paradigm. gained by going from offline monitoring to InterCorr's online, real-time technology." InterCorr's services include materials consulting, laboratory testing, measurement and test equipment servicing, analytical services and corrosion diagnostic and control services. Its software offerings include programs for corrosion prediction, risk assessment, materials selection and asset management. InterCorr also provides systems for process control and the detection of general, pitting and microbiologically influenced corrosion. "Corrosion has traditionally been a niche industry, partly because it has only provided off-line, historical data for general corrosion," said Lars Jorgensen, InterCorr CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "With the combination of InterCorr's deep corrosion knowledge, SmartCET technology, and Honeywell's vast process knowledge, we will take proactive corrosion control to a new level." "SmartCET is designed to reduce the financial burden that corrosion-related problems bring to the process industries," said Dr. Russel Kane, chief technologist and founder of InterCorr. "It provides online, real-time data that measures the corrosion rate in mils per year (mpy) and detects general and localized (pitting) corrosion conditions. Localized corrosion is responsible for approximately 70 percent to 90 percent of corrosion-related equipment failures." SmartCET gives plant operators access to current, actionable Giving sufficient legal grounds for a lawsuit; giving rise to a Cause of Action. An act, event, or occurrence is said to be actionable when there are legal grounds for basing a lawsuit on it. process variable information, such as the corrosion rate and pitting (localized corrosion) detection. Other parameters are available through the use of SmartCET that can be used for online corrosion diagnostics and for improved accuracy of corrosion rate data that was previously unavailable through process control systems. Integrated with Experion, SmartCET allows operators to transform raw corrosion-monitoring data into high-value process knowledge. Operators can use this information to make critical business decisions quickly and take proactive actions to optimize plant performance. As a result, plants experience several benefits, including: --Increase in plant uptime due to improved reliability of assets --Reduction in maintenance costs by moving from scheduled to reliability-centered maintenance --Maximized production throughput --Improved safety and minimizing the deleterious deleterious adj. harmful. effects of process upsets and excursions Experion is Honeywell's proven automation and control system that unifies people with process, business and asset management information to help process manufacturers increase profitability and productivity. Honeywell International is a $26 billion 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 There are several places named Morris Township in the United States:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , 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. For additional information, please visit www.honeywell.com. Honeywell Process Solutions is part of Honeywell's Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry. For more information about Process Solutions, access www.honeywell.com/ps. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. Experion(TM) is a trademark of Honeywell International Inc. Note A: All other brand names mentioned herein are trademarks of their respective owners. |
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