Collaborative solution can provide first-year financial impact of up to $4million
PHOENIX, June 11, 2003 - Honeywell (NYSE: HON) Industry Solutions today introduced Process Knowledge Solutions(tm) (PKS) for Asset Effectiveness to customers attending the annual Honeywell Users' Group Symposium in Phoenix.PKS for Asset Effectiveness is a suite of hardware, software and services that helps customers in process industries optimize the performance of installed industrial assets. Customers can expect results of $500,000 to $4 million during the first year of implementation, with continued savings thereafter, according to ARC Advisory Group, an industry analyst group that specializes in manufacturing and supply chain management." The business spending lock-down is once again making capital asset management a key managerial concern," said Wil Chin, Research Director, ARC."
In PKS for Asset Effectiveness, Honeywell has introduced a well thought-out strategy and solution. It aligns strategically with the ARC Collaborative Asset Lifecycle Management Model, which enables companies to reap the maximum value from assets throughout their lifetime." Working collaboratively with customers and third-party equipment suppliers, Honeywell applies its industry expertise, application software, and services to improve the availability of industrial assets. Honeywell's Experion PKS(tm) Process Knowledge System(tm) platform provides the foundation. The resulting solution provides a process-wide view that enables maintenancepersonnel to target and more closely manage assets that have the greatest impact on the business's success.
As a result, personnel are more effective and efficient, operations are optimized and costs are reduced. "To apply PKS for Asset Effectiveness at each customer site, our experts collaborate with the customer's on-site experts," said Paul Butler, Vice President of Technology, Honeywell Industry Solutions. "Together, we develop a solution that gets the right information to the right people, so they canaccurately assess situations and take the appropriate corrective action." Unlike competitors' offerings, Butler said, PKS for Asset Effectiveness is open, process-centric and software-enabled.
"It's an open system, so you can choose the best asset for the job, and it's software-enabled, which means you can keep assets functioning at a fraction of the cost of traditional, hardware-based solutions," Butler said. "And, because PKS for AssetEffectiveness uses process, device, historical and field information to assess equipment health, it can prioritize assets for maintenance, giving more weight to those with the greatest impact on the business." The PKS Advantage Program, a Honeywell value-added program, brings together Honeywell and other process automation suppliers to develop integrated asset solutions using open communication protocols like Foundation Fieldbus*, HART, Profibus and OPC.
PKS Advantage Program participants includeleading-industry suppliers like Dresser-Masoneilan, Endress+Hauser, Flowserve, and Krohne.According to Chin: "The PKS Advantage program takes collaboration to a new level by bringing competitors together with a common goal: to provide supplier-independent, open asset management solutions that provide the freedom to use best-in-class equipment without worry of incompatibility." Honeywell International is a diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers;automotive products; specialty chemicals; fibers; and electronic and advanced materials.
Based in Morris Township, N.J., Honeywell 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. Its shares are traded on theNew York, London, Chicago and Pacific Stock Exchanges.
For additional information, please visit www.honeywell.com . Honeywell Industry Solutions is part of Honeywell's Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiencyand profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry.
For more information about Industry Solutions, access http://www.acs.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 inbusiness forecasts as further described in our filings under the Securities Exchange Act.Process Knowledge Solutions(tm), Experion PKS(tm) and PKS(tm) are trademarks of Honeywell International Inc.* Brand and product names shown above are trademarks of their respectiveowners.
