Honeywell and Aramco Announce Joint Venture for New Intelligent Operations Software Solution
New JV to deliver end-to-end digitalization for industrial companies
November 1, 2022
DHAHRAN, Saudi Arabia, Nov. 1, 2022 /PRNewswire/ -- Honeywell (NASDAQ: HON) and Aramco have announced the signing of a joint venture (JV) agreement to provide a set of end-to-end business process automation solutions, under the Aramco Namaat Industrial Investments Program. The technology solutions can be offered to a wide range of industrial sectors to help maximize profitability, improve productivity, sustainability and operational excellence, on a global scale. The new JV offerings will leverage Aramco's Plant.Digital platform (formerly Integrated Manufacturing Operations Management System – iMOMS) as well as Honeywell Connected Enterprise's technology development and industrial digital solutions implementation experience.
The JV aims to equip industrial companies with the tools, processes and practices they need to run plant operations more effectively and accelerate sustainable digital transformation and operational excellence initiatives. It will emphasize the development, integration, and deployment of Operations Technology (OT) solutions and Digital Transformation consulting.
"This JV agreement with Honeywell is expected to bring new jobs to the market, contribute to economic growth and serves as another way in which Aramco continues to pursue its Digital Transformation program as part of its evolution to become the world's leading digitalized energy corporation," said Ahmad Al Sa'adi, SVP Technical Services at Aramco.
The JV offering combines Aramco's Plant.Digital platform and its technical and domain knowledge in end-to-end plant operations with Honeywell's global software development, systems integration capabilities and commercialization expertise to help industrial companies become more sustainable while maximizing yield, reducing downtime, improving plant productivity and increasing profit.
"The powerful combination of Aramco's business, operations, technology and Plant.Digital delivery expertise, coupled with Honeywell's proven experience in industrial software and big data analytics solutions, as well as our long tenure in the Kingdom, is anticipated to unlock tremendous value for the industry," said Kevin Dehoff, president and CEO, Honeywell Connected Enterprise.
The new JV is expected to create more than 300 jobs in Saudi Arabia within five years, supporting the Aramco Namaat Industrial Investments Program, which is designed to boost Saudi economic and workforce development.
The collaboration highlights the efforts of Aramco and Honeywell to support Saudi Vision 2030 – the national roadmap to transform the Kingdom into an industrial powerhouse and a global logistics hub. The vision's focus is on developing high-tech and knowledge-based careers that add significant value to the Saudi economy to compete globally.
Honeywell and Aramco have partnered for more than 60 years to drive Saudi Arabia's industrial leadership forward through technology and innovation. This JV is the latest milestone in that journey, building on an MoU signed between Honeywell and Aramco in September 2021 to explore the co-development and commercialization of a next-generation digital technology solution for industrial companies. Closing of the joint venture is subject to certain regulatory approvals and other customary closing conditions. The companies also signed an MoU in 2017 to explore the benefits of Honeywell's Industrial Internet of Things (IIoT) offering in support of Saudi Vision 2030.
Honeywell (www.honeywell.com/us/en) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/us/en/news.
Aramco is a global integrated energy and chemicals company, driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world's oil supply to developing new energy technologies, Aramco's global team is dedicated to creating impact in all that it does. Aramco focuses on making its resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com
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