Aerospace Decline Hurts Honeywell
Aerospace Decline Hurts Honeywell
John Wolz
Honeywell International Inc. reported fourth-quarter 2001 income
fell due to a legal settlement and weakness in aerospace and other
divisions.
Fourth quarter net income from dropped 53% from 2000 to $118 million for
the same period of 2001.
At $5.85 billion, sales for the fourth quarter of 2001 were 9% below the
2000 final quarter.
Honeywell, the subject of a failed merger with General Electric during
2001, is the parent company of fastener distributors TriStar Aerospace
and Banner Aerospace.
During the year Honeywell reached $329 million settlement with former
Litton Industries Inc. and other costs associated with British
Aerospace’s cancelation of its RJX jet program. Web: Honeywell.com
�2002 FastenerNews.com
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