Honeywell Process Solutions, a part of Honeywell International Inc (HON), recently announced it will train technical personnel at the Nghi Son Refinery and Petrochemical Limited Liability (NSRP) complex in Vietnam to boost refined oil production. Honeywell will train the workforce for the refinery’s start-up operations in 2017.
The strategic move is intended to bridge the gap in human resource training and offer a cost-effective program that will address the challenges in experience and proficiency levels of the recruited workforce in NSRP. Leveraging Honeywell's services for advanced-level training, local educational institutions and refining capabilities are likely to improve the effectiveness of the refinery.
Nghi Son Refinery is the second largest refinery in Vietnam. With effective manpower training, it is expected to meet approximately 30% of the rising demand for refined petroleum products. The productivity of the employees is likely to increase with cost-effective training solutions by Honeywell and thereby augment revenues.
Also, Honeywell’s partnership with the PetroVietnam University is expected to enhance the industrial skills of the local engineering community for application in plant automation and process control technologies. Going forward, this partnership is expected to support industrial growth in Vietnam and South East Asia.
Honeywell is a global diversified technology and manufacturing company with a wide range of products and services. These include control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals as well as energy efficient products and solutions for homes, business and transportation.
Honeywell currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now include Carlisle Companies Incorporated (CSL), ITT Corporation. (ITT) and Noble Group Limited (NOBGY), each carrying a Zacks Rank #2 (Buy).
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