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Honeywell International Inc. (HON - Analyst Report) together with the Washington Housing Authority & Mid-East Regional Housing Authority (WHAMERHA) initiated a $4.7-million energy conservation and building modernization program. The program aims to provide reasonably priced housing facilities to low-and moderate-income families in Washington, N.C. area.

Honeywell has a 20-year performance contract for the program, which involves implementation of conservation measures and upgradation of equipments, including new geothermal heating systems. These equipments will help to renovate and revitalize 560 residencies across seven countries around Washington. The program is planned to decrease energy and operating costs of the housing authorities by almost $7.4 million over the course of the contract and build modern and comfortable homes for local families.

Honeywell’s short-cycle businesses as well as its commercial aerospace spares and residential and commercial retrofit businesses are performing impressively well and are expected to support future growth outlook of the company. First-quarter 2011 was the eighth consecutive quarter in which orders in short-cycle businesses have increased. The company’s long-cycle backlog continued to be at near record levels.

The savings incurred from the implementation of Honeywell’s building techniques will be used for development without any need for outside funding. Further, the program will create job facilities for local contractors and housing authority residents.

Based in Morris Township, N.J., Honeywell International Inc. is a Fortune 100 company providing technical and manufacturing support to customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Major competitors of Honeywell are BorgWarner Inc. (BWA - Analyst Report), United Technologies Corp. (UTX - Analyst Report) and Johnson Controls Inc. (JCI).

We currently maintain our Neutral rating on Honeywell, with a Zacks #2 Rank (Buy recommendation) over the next one-to-three months.

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