Honeywell Teams With North Carolina Housing Authorities to Improve Resident Comfort and Cut Energy Costs Almost 30 Percent

Energy-Efficient Upgrades for Joint Housing Authorities Reduce Energy Use and Environmental Impact, and Create Jobs

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May 25, 2011, 11:00 ET

MINNEAPOLIS, May 25, 2011 /PRNewswire/ -- Honeywell (NYSE: HON) today announced a $4.7-million energy conservation and building modernization program with the Washington Housing Authority & Mid-East Regional Housing Authority (WHAMERHA), which provides affordable housing to low- and moderate-income families in the Washington, N.C. area. Backed by a 20-year performance contract with Honeywell, the program features a mix of conservation measures and equipment upgrades -- including new geothermal heating systems -- that will help renovate and revitalize more than 560 residences across seven counties around Washington.

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The program is expected to reduce the housing authorities' energy and operating costs by almost $7.4 million over the course of the contract, all while creating more modern, comfortable homes for local families. The savings are guaranteed by Honeywell and will be used to fund the upgrades. As a result, the program will pay for itself and will not require additional taxpayer dollars. It will also create employment opportunities for local contractors and housing authority residents, boosting the area's job market.

"We're able to improve our community in a way that provides increased budget flexibility," said Marc Recko, executive director of the Washington Housing Authority & Mid-East Regional Housing Authority. "By making homes both more comfortable and more energy efficient, we can continue to achieve our goal of providing safe, sanitary housing for residents."

The focal point of the program is the installation of geothermal heating systems for the Eastern Village and Westbrooke communities. The renewable energy technology will heat the homes in the winter by using the naturally stored energy in the earth's crust, enabling WHAMERHA to reduce its dependence on inefficient equipment.

Honeywell technicians will also:

Add insulation to attics in homes across the housing authorities' territory to reduce heating and cooling costs.
Replace stoves with more efficient, electric-ignition gas ranges.
Upgrade mechanical equipment and air-conditioning units to decrease energy use.
Install low-flow showerheads, faucets and toilets to reduce water consumption.
Replace current lighting with high-efficiency bulbs and fixtures.

Honeywell has hired several local subcontractors to help complete these improvements. In addition, it is also hosting a job fair at the WHAMERHA central office on May 25. The job fair will connect the contractors with prospective candidates -- both housing authority residents and other local job seekers -- to fill positions for the building modernization program.

Once finished, the work is expected to cut annual carbon dioxide emissions by more than 1,300 tons. According to figures from the U.S. Environmental Protection Agency, this is equivalent to removing approximately 240 cars from the road.

"In the face of rising energy costs and increasing budget constraints, housing authorities still have to keep their properties up to date, safe and comfortable," said Paul Orzeske, president of Honeywell Building Solutions. "Honeywell assists organizations like WHAMERHA in meeting the needs of residents -- and providing lasting benefits to the surrounding community -- with tools and technology that make good financial sense."

Honeywell International (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; automotive products; turbochargers; and specialty 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. Honeywell Building Solutions is part of the Honeywell Automation and Control Solutions business group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry. For more information about Building Solutions: www.honeywell.com/buildingsolutions.

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.

SOURCE Honeywell