PRESOV, Slovakia, March 31, 2011 /PRNewswire/ -- Honeywell (NYSE: HON) announced today that it will invest in a new turbocharger manufacturing facility in Presov, Slovakia. The new plant will initially produce turbochargers for light vehicle and light vehicle commercial vehicle applications and is expected to be operational by 2012.
The new Slovakia facility will supplement Honeywell's global footprint and address the rapid increase in turbo adoption around the world. Honeywell expects global vehicle production to increase in 2011 and beyond, and the turbocharger segment is expected to grow by more than two million vehicles this year alone. In the next five years, turbo penetration is expected to nearly double as automakers turn to turbos as a technology enabler to meet fuel economy and emissions regulations around the world.
"The new plant in Slovakia further extends Honeywell's leadership in the development of turbochargers," said Alex Ismail, president and CEO of Honeywell Transportation Systems. "Turbochargers give car- and truck-makers the flexibility to downsize their engines to increase fuel efficiency as much as 40 percent and reduce emissions without sacrificing the performance that consumers demand."
Last year, Honeywell was awarded more than $3 billion of new business over the life of the programs and expects to introduce more than 100 new turbo applications this year alone, and has more than 500 engine applications in its development pipeline.
Honeywell Turbo Technologies is the leading automotive turbocharger developer in the world, supplying technology solutions to nearly every major automaker in the world. The Turbo Technologies business is part of Honeywell Transportation Systems, which enhances vehicle performance, efficiency and appearance through state-of-the-art technologies, world-class brands, and global solutions tailored for its automotive customers around the world.
Honeywell's full technology portfolio includes applications ranging from micro-turbos with volume displacements of less than 1L to extra-large turbos on commercial vehicle applications in excess of 100L. These applications apply to gasoline, diesel and hybrid engines and are available in regions all around the world.
Honeywell International (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.