BEIJING, July 8, 2014 Honeywell (NYSE: HON) announced today that it will help reduce the climate impact of refrigerators and freezers in China under a grant agreement signed today between the U.S. Trade and Development Agency (USTDA) and Midea, a leading China-based manufacturer of home appliances.
The project will focus on Honeywell Solstice® Liquid Blowing Agent (LBA), which allows appliance insulation to expand and provides the majority of the resulting foam's excellent insulating properties. Solstice LBA has a global warming potential of 1, which is 99.9 percent lower than the hydrofluorocarbons (HFCs) it often replaces. It also offers improved insulating performance when compared to those HFCs. Solstice LBA is nonflammable and is not a volatile organic compound, unlike cyclopentane, an alternative blowing agent. Honeywell will partner will Midea to further develop the application technology of Solstice LBA for energy-efficient refrigerators in China.
"We are honored to be part of this exciting program, which will help improve the environmental profile of refrigerators sold in China," said Ken Gayer, vice president and general manager of Honeywell's Fluorine Products business. "Honeywell is the leader in the development of low-global-warming-potential blowing agents, refrigerants, aerosols and solvents, and we are uniquely positioned to help manufacturers like Midea achieve their energy-efficiency goals."
"Midea is a leader in the manufacture of energy-efficient appliances, and this grant will enable us to more quickly adopt technologies such as Solstice LBA," said Suk Sangjo, vice president of Midea's refrigeration division. "Solstice LBA can enable us to maintain the high energy-efficiency of our refrigerators while reducing their carbon footprint."
Honeywell made the announcement at the sixth meeting of the U.S.-China Strategic and Economic Dialogue, which was established by U.S. President Barack Obama and former China President Hu Jintao. The meeting represents the highest-level bilateral forum to discuss a broad range of issues between the two nations.
"USTDA is committed to forming partnerships between the U.S. and China to mitigate the effects of global climate change," said USTDA Director Leocadia I. Zak. "This project will benefit the economies of both nations, while improving the environmental footprint of appliances in China."
In addition to Solstice LBA, Honeywell's family of Solstice-branded products includes stationary and mobile refrigerants, gaseous blowing agents, propellants, and solvents based on Honeywell's new hydrofluoro-olefin technology that helps customers lower their carbon footprint without sacrificing end-product performance.
The Solstice products have been developed and are being commercialized by Honeywell's Fluorine Products business, a leader in the manufacture and supply of zero ozone-depleting refrigerants used by top air-conditioning and refrigeration makers worldwide, and blowing agents for energy-efficient foam insulation, as well as hydrofluoric acid and precursors for nuclear fuel.
Honeywell Performance Materials and Technologies (PMT) is a global leader in developing advanced materials, process technologies and automation solutions. PMT's Advanced Materials businesses manufacture a wide variety of high-performance products, including environmentally friendlier refrigerants and materials used to manufacture end products such as bullet-resistant armor, nylon, computer chips and pharmaceutical packaging. Process technologies developed by PMT's UOP business (www.uop.com) form the foundation for most of the world's refiners, efficiently producing gasoline, diesel, jet fuel, petrochemicals and renewable fuels. PMT's Process Solutions business (www.honeywellprocess.com) is a pioneer in automation control, instrumentation and services for the oil and gas, refining, pulp and paper, industrial power generation, chemicals and petrochemicals, biofuels, life sciences, and metals, minerals and mining industries.
Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
# # #