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Honeywell International Inc. (HON - Analyst Report) has been awarded a five-year $96 million worth contract by NASA's Safety Center (NSC) to supply audits, assessments, and assurance services to the agency's centers and suppliers. Honeywell has been working with NASA for a long time, helping it to meet its objectives economically.

According to the agreement entered into by a wholly-owned subsidiary of Honeywell, Honeywell Technology Solutions Inc. (HTSI), under the guidance of the NASA Safety Center (NSC), will be providing critical safety and mission assurance support globally. NASA headquarters, field centers, programs and projects, and suppliers will be recipient of this support.

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 - Analyst Report).

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

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