Peter Dalpe 973-455-4908 email@example.com
- In the past year, Honeywell opened two production facilities in the U.S. to manufacture Solstice® low-global-warming-potential materials
- Company completed 17 long-term supply agreements with customers across a range of industrial sectors
- Launches new climate ticker tracking how many million tons of CO2 equivalent emission are saved through the adoption of Solstice products
WASHINGTON D.C., Oct. 15, 2015 � Honeywell (NYSE: HON)
announced today at a White House event that increasing global adoption of its range of low-global-warming-potential (GWP) products will reduce global greenhouse gas emissions by an equivalent of 475 million metric tons of carbon dioxide by 2025, the equivalent to removing 100 million cars from the road for one year. The projections represent an increase of 36 percent over projections the company made a year ago when it committed to reducing the production of high-GWP hydrofluorocarbons (HFCs) used in applications ranging from refrigeration to air conditioning to aerosols. During today's event, top administration officials and a range of companies reported progress against global warming reduction targets. "In just the last year, Honeywell has started two production facilities in the U.S. to manufacture two of its new low-GWP Solstice®
HFC replacements and completed 17 long-term supply agreements with a range of customers," said Ken Gayer, vice president and general manager of Honeywell Fluorine Products. "We continue to see strong demand for these environmentally preferable technologies as we continue to invest in new production here in the U.S." In September 2014, Honeywell said it would increase production of its low-GWP refrigerants, insulation materials, aerosols and solvents, and, prior to 2020, would drive a 50 percent reduction in its annual production of high-GWP hydrofluorocarbons (HFCs) on a CO2 equivalent basis. In the past year, Honeywell shipped enough low-GWP Solstice products to replace HFCs with 10 million metric tons of CO2
equivalent. Honeywell this week launched a new climate ticker (www.Honeywell-climate-ticker.com
) tracking how many million tons of CO2
equivalent emission are saved through the adoption of Solstice products. Honeywell and its suppliers are in the middle of a $900 million investment program in R&D and new capacity to produce next-generation refrigerants, insulation materials, aerosols and solvents, which have global warming potentials equal to or better than carbon dioxide and at least 99 percent lower than most technologies used today. Honeywell and its suppliers have invested nearly $500 million to date and today affirmed their plan to spend approximately $400 million more to support the new products. "Recent and proposed regulation from the EPA are positive steps that will help reduce the use of HFCs and drive the development and adoption of innovative new technologies such as Solstice," said Gayer. Honeywell has developed a range of hydrofluoro-olefin (HFO) products with extremely low global warming potentials � either equal to or less than carbon dioxide � that are safe, available today and capable of making a significant positive environmental impact. These products are alternatives to HFCs that are energy-efficient, safe to use, non-ozone-depleting and have a minimal global warming profile. Honeywell's Solstice line of HFOs include Solstice yf for automobile air conditioning, Solstice Propellant for aerosol applications, Solstice Liquid Blowing Agent and Gas Blowing Agent for foam applications and Solstice Performance Fluid for use as an industrial solvent. Each of these products has been approved under the EPA's Significant New Alternatives Policy (SNAP) program. HFO-1234yf is already being used in more than 7 million vehicles globally. Widespread adoption of Solstice yf would yield the equivalent environmental benefit of permanently removing 30 million automobiles from the roads worldwide. In addition to its industry-leading line of low-global-warming-potential HFOs, Honeywell's Fluorine Products business manufactures and supplies non-ozone-depleting refrigerants used by top air-conditioning and refrigeration makers worldwide, blowing agents for energy-efficient foam insulation, and hydrofluoric acid and precursors for nuclear fuel. Nearly half of Honeywell's portfolio is dedicated to energy-efficient products and services. In addition to developing and producing low-global-warming materials, Honeywell manufactures programmable thermostats and energy management systems, turbochargers, green fuels, industrial controls and lighter aircraft components. The use of Honeywell technologies could reduce energy demand in the United States by 20 to 25 percent if they were immediately and comprehensively adopted across the residential, commercial, industrial, and transportation sectors.
||Global Warming Potential|
||Less than 1|
||Less than 1|
||Equal to 1|
||Ranges from 5 to 200 years
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. 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.
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