Darius Adamczyk, Honeywell’s CEO, said his company had cut costs, grown sales where it could and invested in exciting new technologies.
He added: 'In terms of cost management, we delivered $500m in savings… In addition, we developed a second phase of cost actions that, when combined with our previously announced plan, will generate $1.4 bn to $1.6 bn of cost savings during 2020.’
Polyurethane blowing agents is part of the company's performance materials and technologies business. Divisional sales dropped by 33% between the first half of 2019 and 2020, to $4.6bn, and profit
declined by 23%, to $931.0m.
Looking at the second quarter, Honeywell said that lower automotive refrigerant volumes in advanced materials were partly offset by strength in speciality products.