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Honeywell International Inc (HON - Analyst Report) was recently selected by Swedish oil producer Preem AB to modernize one of Europe's largest refineries. Honeywell's Enhanced High Performance Process Manager (EHPM) industrial process controllers will help Preem to upgrade the refinery and increase through-put while maximizing legacy investments and intellectual property. The upgrade is expected to be complete before the end of this year.

Additionally, the adoption of other technologies by Honeywell can also be used by Preem to enhance its overall refinery operations. These include continuous and batch processing controls such as Experion C300, and Honeywell's fault tolerant ethernet FTE technology that offer faster network diagnostics and improved security.

The technological up-gradation is cost effective for the company as it saves on time and cost of entire control system replacement. The project should considerably extend the life of the existing control system at the refinery. At the same time, the enhanced high-performance process manager will triple the capacity of the refinery's existing controllers.

Honeywell is a global diversified technology and manufacturing company with a wide range of aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business and transportation.

Honeywell currently has a Zacks Rank #3 (Buy). Other stocks that look promising and are worth a look now include Marubeni Corporation , carrying a Zacks Rank #1 (Strong Buy), and Hutchison Whampoa Limited (HUWHY) and Tyco International Ltd (TYC - Analyst Report), both of which carry a Zacks Rank #2 (Buy).

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