Technology and Services Will Help MOL Meet Targets and Sharpen Global Competitiveness
PHOENIX, Oct. 25, 2005 - Honeywell (NYSE: HON) today announced it was awarded a five-year, Integrated Service Agreement (ISA) worth more than $20 million from a subsidiary of MOL Hungarian Oil and Gas Company, Hungary's largest company, to provide after-market services across MOL's four refinery and petrochemical sites in Hungary and the Slovak Republic. It will provide full technology support for MOL's existing Honeywell TDC3000®, TPS and Experion® Process Knowledge Systems (PKS), as well as software support, parts management, site services and future technology refreshes to help the plants maintain safe and consistent operating environments.
"One of our primary challenges as a leader in the hydrocarbon processing industry is to continuously improve our operations and set standards for best practices that we and others can sustain over time," said Laszlo Fekete, director of corporate services, MOL Group. "Honeywell technology and services can provide us with efficient, effective solutions that will help us meet our targets and sharpen our global competitiveness."" Having worked with Honeywell for more than two decades, MOL was confident in our ability to understand its business requirements and provide increased reliability as well as a unified and common approach to service delivery,"said Jack Bolick, president of Honeywell Process Solutions.
"The contract demonstrates Honeywell's ability to capitalize on our local expertise across multiple markets to deliver consistent, efficient services that provide our customers with improved business performance and increased competitiveness."
About MOL
MOL is one of Europe's largest integrated oil and gas companies and is the largest company in Hungary in terms of sales. Honeywell's relationship with MOL dates back to 1983, and in 2004 it was awarded MOL's Annual Supplier Award for outstanding performance of its process control systems.
About Honeywell
Honeywell International is a $26 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, Chicago and Pacific Stock Exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index.
For additional information, please visit www.honeywell.com . Honeywell Process Solutions is part of Honeywell's Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry.
For more information about Process Solutions, access www.honeywell.com/ps . This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.
TDC3000® and Experion® are registered trademarks of Honeywell International Inc.
