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Honeywell Specialty Materials Expands Asian Research and Development Center

$3.2 million investment will triple laboratory space to meet growing needs in Asia markets

SHANGHAI, China, Nov. 13, 2006 -- Honeywell (NYSE: HON) Specialty Materials announced today that it will expand its Shanghai-based Asia Technology Center to boost its research and development capability and meet increasing customer needs in Asian markets, particularly China.

The $3.2-million expansion will triple laboratory space for Specialty Materials in Asia. The new lab space is part of a larger, $13.5-million expansion of Honeywell lab and administrative space at the facility, which is located in Zhangjiang Hi-tech Park in the Pudong New Area of Shanghai.

“Our Asia Technology Center is a strategic part of Specialty Materials’ global research and development efforts,” said Nance Dicciani, president and CEO of Honeywell Specialty Materials, at a groundbreaking ceremony at the facility. “Our approach is to identify local market needs and develop safe, energy-efficient, environmentally preferable technologies and applications to support sustainable economic growth.”

Specialty Materials currently has 17,000 square feet (1,600 square meters) of research space at the Shanghai facility. The 16 Specialty Materials labs at the Honeywell facility, which opened in 2004, include six analytical labs, four chemical synthesis labs, three application labs, and two electronic material development labs. Current research projects focus on fluorine chemicals, specialty chemicals, electronics materials and performance materials used for application-related research and development.

The new expansion will add 39,000 square feet (3,600 square meters) of research space. Ten new labs will be added, including a clean room and chemical blending lab for electronic materials research; an air conditioning and heat pump lab; and a high bay area for a polyvinyl chloride, or PVC, extrusion line to develop, test and evaluate performance additives. Construction of the new buildings is expected to start this month and be completed in July 2007.

The Specialty Materials labs in Shanghai currently employ 40 researchers. When the expansion is completed, employment is expected to rise to 60. The technology center also collaborates with leading Chinese universities through 16 cooperative projects.

The Specialty Materials Asia Technology Center is among the seven research and development Centers of Excellence for Specialty Materials worldwide. Other research sites are located in Seelze, Germany; Des Plaines, Ill.; Richmond, Va.; Buffalo, N.Y.; Sunnyvale, Calif.; and Morristown, N.J.

Honeywell International is a $31 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, N.J., Honeywell’s shares are traded on the New York, London, Chicago and Pacific Stock Exchanges. It 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. For additional information, please visit http://www.honeywell.com.

Honeywell Specialty Materials, based in Morristown, N.J., is a $4.5 billion, global leader in providing customers with high-performance specialty materials, including fluorine products; specialty films and additives; advanced fibers and composites; intermediates; specialty chemicals; electronic materials and chemicals; and technologies and materials for petroleum refining.

This report contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management’s assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. 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.

Contacts:
Peter Dalpe

(973) 455-4908
peter.dalpe@honeywell.com
Judy Wang
86-21-2894 2252
judy.x.wang@honeywell.com


 

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