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Honeywell Announces $20 Million Investment to Address Growing Demand For Spectra Fiber

June 07, 2004

Honeywell Announces $20 Million Investment to Address Growing Demand For Spectra® Fiber

Latest development part of phased expansion and demonstrates on going commitment to North American armor industry.MORRIS TOWNSHIP, N.J., June 7, 2004: Honeywell (NYSE: HON) announced today a $20 million investment to boost production of Spectra ® fiber to meet increased demand from the North American armor industry.Honeywell expects to make several similar-sized investments in Honeywell Performance Products over the next few years to boost Spectra fiber production. The current investment will take place at Spectra fiber manufacturing facilities in the Richmond, Virginia, area. The announcement was made during a visit to the facilities by General Paul J. Kern, Commanding General of the U.S. Army Materiel Command, which is dedicated to providing superior technology, acquisition support, and logistics for the U.S. Army.Spectra fiber, the strongest man-made fiber in commercial use today, is the high performance fiber of choice for armor manufacturers servicing the U.S. military and law enforcement agencies with SAPI (small arms protective insert) plates used in the Interceptor vest. "Honeywell is fully dedicated to being the premier supplier of high performance fibers to the North American armor industry," said Dr. Nance K. Dicciani, president and CEO of Honeywell Specialty Materials. "Honeywell has invested more than $25 million in Spectra fiber research and production in the past three years. Today, we're entering a new stage of development that will enable Honeywell to even further expand its support of the armor industry, to service new industry segments and to continue to drive innovation in specialty fibers."The expansion announced today is expected to be completed in the second quarter of 2005. The additional production will be primarily devoted to meeting U.S. military requirements. This Richmond-area build-out is independent of a previously announced Spectra fiber manufacturing operation intended to support the global marketplace."Spectra fiber's unique qualities and extraordinary strength have made Honeywell a preferred supplier of weight-for-weight, stronger-than-steel fibers to companies serving the U.S. military," aid Mike Ryan, vice president and general manager, Performance Products, Honeywell Specialty Materials. "By undertaking a substantial capacity expansion in Chesterfield County, Virginia, we're reinforcing a leading position in the North American armor industry. We believe that the eventual addition of new facilities will enable us to even further distinguish Honeywell in the global marketplace."Honeywell has been operating its Spectra fiber operations 24 hours a day, seven days a week for several years to fulfill custoemr demand adn will continue to do so thorughout the multiline expansion.Spectra fiber is pound for pound 10 times stronger than steel, yet light enough to float, making it ideal for a wide range of armor and security applications from bullet-resistant vests, helmets and breastplates to combat vehicles and military aircraft where light weights and ability to endure environmental elements are crucial.Spectra Shield ® material, a composite product made out of Spectra fiber, forms a basis for SAPI plates used in the Interceptor vest worn by U.S. troops stationed in Iraq and Afghanistan. Four-pound SAPI plates are the component of the vest designed to stop high-energy rifle rounds, including those from AK-47s and grenade shrapnel, encountered by troops in these locations. Honeywell is currently the sole supplier of Spectra Shield material to SAPI plate manufacturers servicing the U.S. military. Spectra and Spectra Shield are registered trademarks of Honeywell International, Inc.Honeywell International is a $23 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 Specialty Materials is a global leader in providing high-performance specialty materials such as fluorocarbons, specialty films, advanced fibers, customized research chemicals, electronic chemicals, luminescent pigments, specialty fine chemicals and intermediates.