PHOENIX, May 14, 2003 - Honeywell's (NYSE: HON) Industry Solutionsbusiness agreed to provide Hungarian company MOL Rt with comprehensive automation and re-instrumentation at its Százhalombatta refinery in Hungary.MOL, a US$4.6 billion company, is the leading integrated oil and gas concern in Central Europe. The order is valued at $8.5 million, with most of the system scheduled to be delivered by the first quarter of 2004.
"Honeywell's automation solution will enable the refinery to more closely monitor and control performance to assure appropriate pricing, reduce emissions and meet European Union standards to be introduced in 2005," said Mr. Vilmos Gombás, Director of MOL's Project division. "We believe this effort will result in significant cost savings for MOL." The Industry Solutions business, a division of Honeywell's Automation and Controls Systems unit, has worked with MOL since 1997 on the successful implementation of a new wave of automation projects, including the MOL gasoline blender and the delayed coker.
"We'll be providing multiple Process Knowledge Solutions(tm) that will helpMOL meet their business goals, along with project support from planning through implementation," said Brian Strauss, Vice President and General Manager of the Honeywell Industry Solutions Energy business. "We're pleased to continue our strong, long-term working relationship with MOL." The Process Knowledge Solutions(tm) implemented will include oil movement & storage software, which comprises batch process control; BLEND software for petroleum product blending; and on-line process analysis software solutions. Honeywell will also provide project management and engineering-procurement construction services.
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 the New 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 efficiency and 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 in business forecasts as further described in our filings under the Securities Exchange Act. Process Knowledge Solutions(tm) is a trademark of Honeywell InternationalInc.
