MORRIS TOWNSHIP, N.J.,
July 2, 2015 /PRNewswire/
-- Honeywell (NYSE: HON) announced its support of the U.S.
Environmental Protection Agency decision to restrict the use of
high-global-warming hydrofluorocarbons (HFCs) in a variety of
applications including refrigerants, aerosols and foam insulation
blowing agents. These actions will drive adoption of materials with
radically lower global warming potentials.
According to the EPA, the proposed rule would eliminate an
estimated 54 to 64 million metric tons of carbon dioxide equivalent
from the atmosphere in 2025. This is the equivalent of removing the
carbon dioxide emissions from the annual electricity use of more
than 5.8 million homes.
"Honeywell applauds the EPA on their landmark action to restrict
the use of high-global-warming hydrofluorocarbons (HFCs), which are
among the most potent greenhouse gases in use today. The EPA's
action will accelerate the adoption of solutions with far less
impact on the atmosphere while also spurring private sector
innovation and creating jobs," said Ken
Gayer, vice president and general manager of Honeywell's
Fluorine Products business.
The EPA's actions have spurred companies like Honeywell to
develop solutions to address the issue of climate change. Honeywell
and its suppliers have announced nearly $900
million in investments in research and development and new
capacity, mainly in the U.S., to produce next-generation
refrigerants, insulation materials, aerosols and solvents, which
have global warming potentials equal to or better than carbon
dioxide and at least 99 percent lower than most technologies used
today. Honeywell has invested more than $400
million to date to support the new products.
Honeywell pioneered the technology behind hydrofluoro-olefins
(HFOs), which provide the energy-efficiency, efficacy and
non-ozone-depleting benefits of HFCs, but offer a minimal global
warming profile. Honeywell's Solstice® line of HFOs
include Solstice yf for automobile air conditioning, Solstice zd
refrigerant, Solstice Propellant for aerosol applications, Solstice
Liquid and Gas Blowing Agents for foam applications, and Solstice
Performance Fluid for use as an industrial solvent. Each of these
products has been approved under the EPA's Significant New
Alternatives Policy (SNAP) program.
Nearly 50 percent of Honeywell's portfolio is dedicated to
energy-efficient products and services. In addition to developing
and producing low-global-warming materials, Honeywell manufactures
programmable thermostats and energy management systems,
turbochargers, green fuels, industrial controls and lighter
aircraft components.
Honeywell Performance Materials and Technologies (PMT) is a
global leader in developing advanced materials, process
technologies and automation solutions. PMT's Advanced Materials
businesses manufacture a wide variety of high-performance products,
including environmentally friendlier refrigerants and materials
used to manufacture end products such as bullet-resistant armor,
nylon, computer chips and pharmaceutical packaging. Process
technologies developed by PMT's UOP business (www.uop.com) form the
foundation for most of the world's refiners, efficiently producing
gasoline, diesel, jet fuel, petrochemicals and renewable fuels.
PMT's Process Solutions business (www.honeywellprocess.com) is a
pioneer in automation control, instrumentation and services for the
oil and gas, refining, pulp and paper, industrial power generation,
chemicals and petrochemicals, biofuels, life sciences, and metals,
minerals and mining industries.
Honeywell (www.honeywell.com) is a Fortune 100 diversified
technology and manufacturing leader, serving customers worldwide
with aerospace products and services; control technologies for
buildings, homes and industry; turbochargers; and performance
materials. Based in Morris Township,
N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more
news and information on Honeywell, please visit
www.honeywellnow.com.
This release contains certain statements that may be deemed
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical fact, that address activities, events or
developments that we or our management intends, expects, projects,
believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are based upon certain
assumptions and assessments made by our management in light of
their experience and their perception of historical trends, current
economic and industry conditions, expected future developments and
other factors they believe to be appropriate. The forward-looking
statements included in this release are also subject to a number of
material risks and uncertainties, including but not limited to
economic, competitive, governmental, and technological factors
affecting our operations, markets, products, services and prices.
Such forward-looking statements are not guarantees of future
performance, and actual results, developments and business
decisions may differ from those envisaged by such forward-looking
statements. We identify the principal risks and uncertainties that
affect our performance in our Form 10-K and other filings with the
Securities and Exchange Commission.
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SOURCE Honeywell