Honeywell Process Solutions, a part of Honeywell International Inc ( HON ), recently decided to upgrade controls at two refineries run by Tupras - one of the largest industrial enterprises in Turkey, as part of a five-year service and maintenance contract.
Honeywell will upgrade existing systems at the Tupras' Aliaga refinery and enhance the performance of the Batman refinery by providing proper maintenance, support and parts management services. The technological upgrade is cost effective for the refineries as it helps them to save on time and cost. These upgrades are likely to boost performance and reduce maintenance costs for the refineries' control systems by 15% - 20%.
Honeywell will support the refinery operations beyond maintenance activities and at the same time deliver support from technical experts to provide quicker response times, which will improve the overall refinery operations and result in potential savings.
Honeywell is a global diversified technology and manufacturing firm with a wide range of aerospace products and services, control, sensing and security technologies for buildings, homes and industry. It also produces turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and 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 in the industry include Carlisle Companies Inc. ( CSL ) and Federal Signal Corp ( FSS ) each having a Zacks Rank #1 (Strong Buy) and CLARCOR Inc. ( CLC ) having a Zacks Rank #2 (Buy).
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