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Honeywell Signs 12 Million Deal with Saudi Petrochemical Firm

The project will maximize plant productivity and improve return on investment.Honeywell (NYSE: HON) has landed a $12 million deal with Saudi Basic Industries Corp. (SABIC), a large petrochemical concern, to provide manufacturing process control and implementation services to SABIC sites throughout the Mideast kingdom. Honeywell, based in Morris Township, will provide applications based on its Profit Suite technology. The applications are used by manufacturers to boost plant efficiency.

Honeywell has delivered over 2,000 advanced process control applications to more than 150 customers at over 250 sites worldwide.

Riyadh-based SABIC is the largest publicly traded company in the Middle East and the seventh largest petrochemical company in the world in terms of revenues. It holds assets worth about $34 billion and has a market capitalization of more than $175 billion.

Honeywell stock gained $0.42 to $42.09 this afternoon.
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