Honeywell Chairman and CEO Dave Cote is featured as the cover story of the second quarter 2010 edition of NYSE Magazine. The story discusses how today’s Honeywell is a much different company than it was during the 2001-2002 recession because of Cote’s focus on “seed planting” – or investing for the future – in R&D, global expansion, M&A, and opportunities to help employees grow and develop.
“This time our sales were down 15 percent in one year rather than 11 percent over two years, but instead of losing money, we made money, thanks to new efficiencies that were part of our One Honeywell culture. Our free cash flow conversion was more than 150 percent this time, compared with less than 65 percent before. Instead of cutting R&D, we maintained our research budget and kept investing in our enablers and our global strategy.”
Cote says he expects Honeywell will become “bigger and more profitable, generating even more cash” because of its great positions in good industries and ties to key global macro trends, including energy, safety, and security.
Cote also outlines his solutions on “How to Solve the Energy Crisis” and discusses Honeywell’s expansive energy efficiency portfolio, which can reduce U.S. and European energy consumption by 20-25% if immediately and comprehensively adopted today.
For more information, read the full article.
