Honeywell International Inc (HON) recently announced efforts to reduce its high global-warming-potential (GWP) products and greenhouse gas emissions. The industry leader plans to increase production of its low-GWP refrigerants, insulation materials, aerosols and solvents to reduce high-GWP hydrofluorocarbons (HFCs) by almost half over a five-year period.
Honeywell has developed a range of diverse products with GWP, which are safe and capable of making a significant positive environmental impact. Leveraging its technological expertise, Honeywell is likely to facilitate energy efficiency and cleaner energy production.
To date, Honeywell has already invested approximately $350 million and expects to spend approximately $550 million more along with its suppliers to support the new products. The company expects that the use of its low-GWP Solstice HFC replacements will eliminate over 350 million metric tons in CO2 equivalents by 2025.
The usage of Honeywell technologies is likely to reduce energy demand in the U.S. by 20%–25%, if adopted across the residential, commercial, industrial, and transportation sectors. As environmental protection regulations become stricter globally, continuous research and implementation of new environment-friendly technologies place Honeywell favourably to extend its industry leadership in the sector.
Honeywell is a globally diversified technology and manufacturing company offering 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 in the industry include CLARCOR Inc. (CLC), Federal Signal Corp. (FSS) and ITT Corp. (ITT), each carrying a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment