Honeywell Chairman and CEO, Dave Cote, sat down with Fox Business’ Maria Bartiromo in New York City today for a segment on “Mornings with Maria”. During the interview, Cote discussed the business impact of low oil prices and stated that although we are in a slow growth global environment, he believes recession fears have decreased recently.
When commended on the Company’s outperformance compared to peers and 26.5% average in terms of gains and earnings over the last 5 years on average, Cote attributed that success to seed planting. “We’ve done a lot in the last 14 years to transform the company on portfolio, the work we’ve done we do on process, and most importantly, the work we’ve done to improve the culture. We’ve done a lot of seed planting over this period of time. I’ve often said, ‘You do well this year, not because of what you’re doing this year, but because of what you did in the previous 5 years.’ We do a pretty good job of that seed planting on products, geographies, and process. We really work on it.”
Although the Company completed $6 billion in acquisitions last year, Cote does not believe there is a need for a “mega deal” in order to be successful and foresees growth in the next 3 years as mostly organic. Looking ahead, Cote identifies the controls, turbochargers, performance materials and aerospace industries as big drivers of growth in the coming year.