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About Vocollect, Inc.

Jet engines and Muck Boots seem worlds apart, but they coexist at Honeywell International. More than a century old, the company is a diverse industrial conglomerate, its four segments making and selling products from aircraft engines, flight safety, and landing systems to smart controls for commercial buildings to personal safety products such as gas masks and footwear. The company does business worldwide, and generates more than half its sales in the US.

Operations

Honeywell is organized across four segments: Aerospace; Performance Materials and Technologies; Honeywell Building Technologies; and Safety and Productivity Solutions.

The Aerospace segment accounts for about 40% of the company's revenue. It provides products and services for aircraft and vehicles sold to OEMs and other customers in a variety of end markets—air transport; regional, business and general aviation aircraft; airlines and aircraft operators; defense and space contractors.

Performance Materials and Technologies (almost 30% of revenue) operates in three divisions. Honeywell UOP provides process technology for fuel production for the petroleum refining, gas processing, and petrochemical industries; Process Solutions sells automation controls and software for the oil and gas, pulp and paper, industrial power, and several other industries; and Advanced Materials manufactures high-performance products such as fluorocarbons, specialty films, waxes, additives, and advanced fibers to name a few.

The company's former Home and Building Technologies segment—now just Honeywell Building Technologies—(over 15%) sells building automation controls for commercial customers.

The Safety and Productivity Solutions segment (over 15%) offers products that improve productivity, workplace safety, and asset performance. Safety products include personal protection equipment and footwear. Productivity solutions include gas detection technology, mobile devices and software for computing and data collection, supply chain and warehouse automation equipment, and sensors, switches, and controls.

Geographic Reach

Headquartered in Charlotte, North Carolina, Honeywell has approximately 930 locations, of which over 240 are manufacturing sites. The US accounts for around 60% of total revenue.

Sales and Marketing

Honeywell's Aerospace business sells its products and services to original equipment manufacturers (OEMs) and other end markets like air transport, regional, business and general aviation aircraft; airlines and aircraft operators; defense and space contractors. The Building Technologies segment sells to commercial building owners. Performance Materials and Technologies targets several industries including oil and gas, refining, pulp and paper, industrial power generation, petrochemicals, biofuels, life sciences, metals, minerals and mining. The Safety and Productivity Solutions business sells its products globally to a variety of industries.

Financial Performance

After an ascending trend for the past few years, Honeywell's revenues decreased by 12% in 2019 due to the spin-offs.

Honeywell's net income dipped to $6.1 billion in 2019, a $620 million decrease from 2018. Cash at the end of fiscal 2019 was $9.1 billion, a decrease of $220 million from the prior year.

Cash from operations contributed $6.9 billion to the coffers, while investing activities used $533 million, primarily used for expenditures for property, plant and equipment. Financing activities used another $6.6 billion primarily for commercial paper and other short-term borrowings.

Strategy

FFor all its segments, Honeywell is focused on several initiatives to spur growth, including R&D activities to develop new technologies. The company aims to become an industrial software company offering products for the connected plane, home, building, and factory. Other initiatives that target lower costs are process improvements in its manufacturing and administrative operations and cost control efforts for asbestos and environmental remediation and pension and retirement benefits.

Honeywell's strategy for growth includes both acquisitions and the divestiture of under-performing units. In order to streamline its operations, Honeywell in late 2018 completed the spin-off of its turbo charger unit and home heating and security businesses to create two new publicly traded companies. The new business featuring its turbo charger technology (formerly the Transportation Systems business) is now Garrett Motion, Inc. Its former Homes and ADI Global Distribution business is now Resideo, a company providing home comfort and security systems. After the spin-offs, Honeywell believes its remaining portfolio will consist of high-growth businesses each aligned to the global megatrends of energy efficiency, infrastructure investment, urbanization, and safety.

Mergers and Acquisitions

In late 2019, Honeywell acquired Rebellion Photonics, a Houston-based provider of innovative, intelligent, visual gas monitoring solutions that maximize safety, operational performance, emissions mitigation and compliance in the oil and gas, petrochemical and power industries. The acquisition will become part of Honeywell's Safety and Productivity Solutions business, which provides a wide range of gas detection technologies, safety gear, mobility solutions and software to help workers stay safe and productive.

In the same year, Honeywell acquired privately held TruTrak Flight Systems, a leader in autopilots for experimental, light-sport and certified aircraft. The acquisition will become part of Honeywell's BendixKing business, helping to deliver affordable technologies to the experimental and general aviation markets. This market has grown by double digits over the past five years.

Vocollect, Inc.

703 Rodi Rd
Pittsburgh, PA 15235-4558
Phone: 1 (412) 829-8145

Firm Stats

Employer Type: Privately Owned
Chief Financial Officer: Steven M Barto
Manager Oprs: Stephen Forbeck
Vice President Product Management Marketing: Thomas H Murray
Employees (This Location): 250
Employees (All Locations): 450

Major Office Locations

Pittsburgh, PA