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BONSIGNORE, MOORE FORMALLY TAKE ON NEW ROLES AT HONEYWELL ANNUAL MEETING OF SHAREHOLDERS; SHAREHOLDERS APPROVE DIRECTORS, STOCK PLAN, AUDITORS

 MINNEAPOLIS, April 20 /PRNewswire/ -- Michael R. Bonsignore officially became chairman and chief executive officer of Honeywell Inc. (NYSE: HON) today at the company's annual meeting of shareholders. Bonsignore, 52, succeeds James J. Renier, who will remain with the company as chairman of the executive committee.
 Also moving into a new role today was Larry Moore, 56, now Honeywell's president and chief operating officer. Both Bonsignore and Moore had been executive vice presidents of the company.
 The changes, announced in February, were part of a planned succession as Renier, 63, approaches the company's mandatory retirement age of 65.
 In balloting, 99.4 percent of the shares represented at the meeting approved the 15 candidates named in the proxy statement to the board of directors. In addition, 72.6 percent of shares present approved a new, five-year stock and incentive plan for key employees. Also, 99.0 percent of the votes present on this proposal approved the selection of Deloitte & Touche as the company's independent auditing firm for 1993.
 The 225 shareholders who attended the meeting at the State Theatre heard Renier assess the company's position as he closed out six years as CEO, then listened to the new chairman articulate his vision for Honeywell's future.
 "Never in its 108 years has Honeywell been as well equipped to thrive in today's global environment," said Renier, who joined the company in 1956. He said the company has successfully restructured by concentrating on controls -- "the business we know best" -- and by delivering solid financial results.
 "My greatest personal satisfaction is in seeing a strong and agile Honeywell that looks to the future with confidence. It is good to know it will be led by executives who worked successfully to create the new Honeywell," he said.
 Bonsignore credited Renier for leading Honeywell's return to financial strength and a renewed commitment to technological leadership in controls.
 "Today, we are a transformed enterprise -- focused on core controls businesses that help our customers save energy, protect the environment, improve productivity, increase safety and enhance comfort," Bonsignore said. "These are issues that every society in the world is facing. This basic worldwide demand is behind our confidence in a bright future for Honeywell."
 Bonsignore, who reiterated the company's commitment to creating and delivering shareholder value, outlined a five-point strategy for profitable growth.
 -- Build upon Honeywell's large base of customers and installed products. For instance, Honeywell products are in more than 100 million homes and commercial buildings in the United States and Europe -- a base with potential for further sales.
 -- Foster a commitment to quality. "Our goal is to exceed customer expectations -- to delight them with quality products, service and expertise that outpace anything else in the market," he said.
 -- Advance Honeywell's technological leadership, which has produced a steady stream of new products. Bonsignore noted that, including customer funding, Honeywell invested more than 10 percent of sales on research and development in 1992.
 -- Leverage the company's global presence, which is unmatched by competitors. "Our customers are global, and they expect us to be where they are. Thus, we are in 95 countries, speaking 80 languages. We've spent 60 years building the expertise to work across borders and maximize opportunities in new country markets with minimal risk."
 -- Preserve Honeywell's reputation for adhering to the highest ethical standards and for supporting communities.
 Bonsignore said the company will employ excess cash flow for research and development; for niche acquisitions; to continue an accelerated five-year, $600 million share buyback program; and to periodically increase the dividend rate.
 He also recognized the contribution of the people of Honeywell, "who constitute our greatest long-term competitive advantage. Yes, we are selling products, but more and more we are selling value-added partnerships with customers," said Bonsignore.
 Honeywell is a global controls company with systems, products and services that improve comfort, energy efficiency, environmental protection, productivity and safety in homes and buildings, industry and aviation and space. The company employs 55,000 people in 95 countries, and had 1992 sales of $6.2 billion.
 -0- 4/20/93
 /CONTACT: Kevin Whalen of Honeywell, 612-951-0070/
 (HON)


CO: Honeywell Inc. ST: Minnesota IN: SU: PER

AL -- MN031 -- 1222 04/20/93 17:32 EDT
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Date:Apr 20, 1993
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