Careers at Honeywell
Honeywell aims to provide a diverse range of technology solutions and industrial products to customers across the aerospace, automotive, commercial and petrochemicals industries.
Honeywell manages its business operations through three operating segments:
- Aerospace, comprising the manufacture and supply of aircraft engines, integrated avionics, systems and service solutions, and related products and services, including propulsion engines, power systems, and aircraft lighting systems;
- Automations and Control Solutions, comprising the provision of software and technologies for environmental and energy solutions, sensing and productivity solutions, security and fire safety products, industrial safety products, and building solutions; and
- Performance Materials and Technologies, comprising the development and manufacture of advanced materials, process technologies and automation solutions.
Honeywell traces its roots back to the establishment of Butz Thermo-Electric Regulator in 1885 by Albert Butz (“Butz”), and the foundation of Honeywell Heating Specialty Company in 1906 by Mark Honeywell. Both companies were engaged initially in developing heating systems and generators.
Butz's patents and business were later acquired by The Consolidated Temperature Controlling Company, which renamed itself Electric Heat Regulator. This company in turn was acquired in 1898 by W. R. Sweatt, who named the company Minneapolis Heat Regulator Company. This company and Honeywell Heating Specialty Company merged in 1929 to form the Minneapolis-Honeywell Regulator Company, and became the largest producer of high-quality jeweled clocks.
The newly merged company went on to diversify its interests, moving into the production of aeronautical equipment in the 1940s. It has since expanded its interests significantly, providing a broad suite of technology and manufacturing solutions, and operating across 70 countries worldwide and employing a workforce of more than 120,000. Honeywell’s shares are traded on the NASDAQ. It has a current market capitalisation of $88.35 billion.
Business model of Honeywell
Honeywell serves a range of customers across its three operating segments, primarily comprising industrial and corporate clients.
Honeywell’s Aerospace segment produces products and solutions for aircraft manufacturers, airlines, aircraft operators, military services, and defense and space contractors. Its sales are primarily made to original equipment manufacturers operating within the in the air transport, general aviation aircraft, and automotive and truck manufacturing industries segments. It also provides spare parts and after-market maintenance services to aircraft operators. The Company’s Automation and Control Solutions segment provides products to companies operating within the petroleum refining, gas processing, petrochemical industries, while the Performance Materials and Technologies segment targets homes, commercial buildings and industrial facilities.
Sales to aerospace customers make up around 39% of Honeywell’s total sales, with sales to commercial aerospace original equipment manufacturers making up around 8%. The US Government is among the Company’s largest customers, accounting for around $3.74 billion in sales in 2015. The US is by far the company’s largest market, followed by Europe, with sales across the rest of the world amounting to around 15% of total sales.
Honeywell provides value to its clients in the following ways:
- Its industry experience and expertise, with the Company able to attract experienced executives and well-trained specialist personnel across its three operating segments;
- Its brand recognition and reputation, with the Company being the largest, most well-known and most established firm operating in its industry;
- Its security and reliability, with the Company providing, professional, secure and reliable services to its customers; and
- The quality of its products and manufacturing process, with the Company providing a range of high quality products.
Honeywell operates a website at www.honeywell.com, through which it makes information on its various products, services and activities available to its customers. The Company, however, does not operate an online sales channel.
Honeywell makes the majority of its sales through its own in-house sales force, with the Company operating through more than 1,200 sites across 70 countries worldwide, spanning the Americas, Europe, Asia Pacific, Africa and the Middle East.
Honeywell also provides products and solutions through a network of residential and commercial distributors, both domestically and internationally.
Despite its online presence, Honeywell does not make any of its products or solutions available to customers on a self-service basis.
The nature of Honeywell’s business requires that it establish collaborative relationships with its customers, consulting directly with customers in order to establish a clear brief that covers their individual needs and budgets. Honeywell aims to establish longstanding relationships with its customers that span a number of years, generating recurring business across its operating segments.
Honeywell provides various after-market support and maintenance services to its customers, who are able to contact the Company’s sales and support teams through an online contact form in order to receive personalised assistance. The Company also provides a range of online technical support resources, including product manuals, FAQs and video guides.
Customers are also able to interact directly with Honeywell, and stay up to date with its operations and developments, through its social media accounts with Twitter, YouTube and Google+.
Honeywell is a technology and manufacturing company.
Its operations are organised into three separate business segments: Aerospace, which supplies aircraft engines, integrated avionics, systems and service solutions, and related products and services for original equipment manufacturers within the aviation and defense sectors; Automation and Control Solutions (ACS), which a range of environmental, energy solutions, productivity, security, and industrial safety solutions for homes, commercial buildings and industrial facilities; and Performance Materials and Technologies, which develops and manufactures materials, process technologies and automation solutions for companies operating across the natural resources industries.
Honeywell collaborates with companies across multiple sectors to enhance its own business segment offerings. The Company operates two principal partner programs:
- Channel Partner Program, comprising resellers, independent software vendors, resellers, distributors, independent sales agents that assist the Company in selling and distributing its products and solutions, particularly within jurisdiction the Company does not have a significant presence; and
- Performance Partner Program, comprising technology, software, marketing, integration, and production partners that supplement the Company’s own offering and provide services on the Company’s behalf.
Honeywell’s Performance Partner Program is divided into silver, gold and platinum levels, organised by the quality and quantity of services provided.
Honeywell has recently launched a partnership with Palo Alto Networks to offer joint solutions to help customers protect industrial control systems and with Pearlstone Energy to boost UK grid stability. The Company also has partnerships with Dematic Real Time Logistics, Renovotec, ImageWare Systems, and Precise Biometrics.
Honeywell’s key resources are its technologies and intellectual properties, its research and development facilities, its manufacturing and production infrastructure, its supply chain, its distribution and logistics networks, its partnerships, and its personnel.
Honeywell considers its various patents, trademarks and licenses to be important to our operations, but the Company does not deem any individual patent, trademark or any licensing or distribution rights to be of material importance to its total business.
Searches of records published by the US Patent and Trademark Office identified numerous patent applications filed in the name of Honeywell and its subsidiaries, including applications entitled ‘Methods and apparatus for interpreting received speech data using speech recognition’, ‘System and method of speaker recognition’ and ‘Systems and methods for aircraft on-ground determination’.
Honeywell incurs costs in relation to the operation of its research and development facilities, the management of its supply chain, the production and storage of its products, the sale and distribution of its products, the management of its partnerships, and the retention of its personnel.
Honeywell accrues substantial research and development costs, with its research activities – primarily located in the US, India, Europe and China – amounting to $1.86 billion in 2015. The Company also accrues significant general and administrative costs, comprising the payment of salaries and benefits to its 129,000 employees and the payment of rental and utility fees across its international network of offices.
Honeywell generates revenue through its three operating segments, divided as follows:
- Aerospace Sales, including revenue derived from the sale of commercial original equipment, the provision of after-market services, the sale of defense and space products and the sale of transportation systems;
- Automation and Control Solutions Sales, including revenue derived from the sale of energy, safety and security products, and the sale of building solutions and distribution services; and
- Performance Materials and Technologies Sales, comprising revenue derived from the provision of process solutions, the sale of advanced materials, and the sale of oil products.
In 2015 Honeywell recorded total net sales of $38.58 billion, down slightly on the $40.30 billion recorded the previous year. Aerospace sales accounted for $15.24 billion, Automation and Control Solutions sales accounted for $14.11 billion, and Performance Materials and Technologies sales accounted for $9.24 billion.
info: Dave Cote (“Cote”) has served as Chairman and Chief Executive Officer at Honeywell since 2002. He also serves as a Class B director at the Federal Reserve Bank of New York. He has been presented with a number of awards during his tenure as Honeywell’s Chief, including the Chief Executive Officer of the Year award from Chief Executive Magazine in 2013. Cote will step down as Chief Executive Officer in 2017. Cote began his career at General Electric in 1979, where we worked for twenty years, holding a number of roles, including Corporate Senior Vice President and President and Chief Executive Officer of GE Appliances. He joined TRW in 1999 as President and Chief Operating Officer, going on to be appointed Chief Executive Officer in 2001. Cote holds bachelor’s degree in Business Administration from the University of New Hampshire, as well as honorary qualifications from the Beihang University of Aeronautics and Astronautics in Beijing, and the Graziadio School of Business and Management, Pepperdine University.
info: Darius Adamczyk (“Adamczyk”) was named President and Chief Operating Officer at Honeywell in 2016, having served previously as President and Chief Executive Officer of Honeywell Performance Materials and Technologies. He first joined the Company in 2008 as President of Honeywell Scanning and Mobility. Adamczyk has been named as Cote’s successor, and will take over as Chief Executive Officer in 2017. Adamczyk began his professional career as an electrical engineer at General Electric in 1988. He moved to Booz Allen Hamilton in 1995, where he served as a senior associate, before joining Ingersoll Rand, where he served in multiple roles, including President of Air Solutions Group, President of the Heavy Industrial Business Segment, and Vice President of Business Development. He served briefly as Chief Executive Officer at Metrologic Instruments before joining Honeywell. Adamczyk holds a master’s degree in Business Administration from Harvard University, a master’s degree in Computer Engineering from Syracuse University, and a bachelor’s degree in Electrical and Computer Engineering from Michigan State University.
info: Thomas Szlosek (“Szlosek”) has served as Senior Vice President and Chief Financial Officer at Honeywell since 2014. He first joined the Company in 2004 as Vice President and Controller, but went on to serve as Chief Financial Officer of the Automation and Control Solutions and Vice President of Corporate Finance. Szlosek began his career in 1985, when he joined Price Waterhouse. He worked at the firm for ten years, ultimately rising to the position of rising to the position of Senior Audit Manager. He went on to join General Electric, where he held various finance leadership roles, including Chief Financial Officer of GE Medical Systems Asia and Chief Financial Officer of GE Consumer Finance Europe. Szlosek holds a bachelor’s degree in Accounting from the State University of New York at Geneseo and is a Certified Public Accountant.
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