Morris Township, New Jersey - Honeywell's third quarter sales were up 14 percent to $9100 million from $8100 million during the same period in 2010.
In the speciality materials division, in which Honeywell develops blowing agents and produces chemicals for the polyurethanes industry, sales were up 25 percent compared with the third quarter of 2010, resulting from strong UOP project sales and catalyst growth, and new product applications in advanced materials. Segment profit was up 31 percent, Honeywell said in a 21 Oct Q3 report.
Honeywell's fluorine products area within speciality materials announced in the third quarter that it has signed an agreement with China's Sinochem Group, forming a 50/50 joint venture to produce and sell blowing agents for energy efficient foam insulation in China.
"Honeywell's strong third quarter results are a continuation of the momentum we've seen across our businesses in 2011. Despite signals of slower economic growth, we expect positive organic growth to continue the rest of this year and into 2012" said Honeywell ceo Dave Cote.
The company also raised its 2011 sales outlook and said it expects full year sales of $36 500 million - $36 700 million, up about 13 percent over 2010.