Honeywell (HON) To Establish New Tech Center in India
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Honeywell (NYSE: HON) announced today that it will establish a new technology center in Gurgaon, India, to expand its global research capabilities in refining, petrochemical and other technologies in order to better serve customers in the region.
The company will invest $34 million to establish the 400,000 square-foot center at an existing Honeywell-owned property. The center will primarily house pilot plants for developing and demonstrating refining and petrochemical process technology developed by UOP, a Honeywell subsidiary that is part of Honeywell's Specialty Materials business group.
The center will also include labs for process and applications development for other Specialty Materials technology areas, including fluorine products and nylon materials.
The center will be managed by UOP India Private Ltd., a wholly-owned subsidiary of UOP that has an existing 250-person process technology engineering center in Gurgaon. UOP is a recognized global leader in developing and licensing process technology used in refining and the production of petrochemicals and renewable fuels.
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