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From: Snowshoe	4/5/2020 4:32:05 AM
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Depression tactics... Exclusive: Honeywell Pressures Suppliers To Cut Prices 30% barrons.com By Bill Alpert and Al Root Updated April 4, 2020 5:24 pm ET Honeywell International is asking its suppliers for deep cuts in the price of goods it buys from them, in a sign of how the swift economic downturn caused by Covid-19 is cutting across American industry. The big industrial and aerospace firm is asking at least some of its suppliers for a 30% price cut, extended payment terms, and other concessions, according to a letter to suppliers reviewed by Barron’s. Honeywell (ticker: HON) said in the letter that the action mirrors demands that it is getting from its customers as the coronavirus recession seizes up global commerce. “[O]ur customers have come to us for support to balance the impacts across their supply chain,” said the letter, which was signed by Honeywell’s procurement chief Robert Vislosky. “In turn, we are asking our supply chain partners for similar support.” Effective immediately, the industrial giant (ticker: HON) asked for 30% across-the-board price cuts, 60 additional days to pay its suppliers, 2% rebates on future order volume growth, holding of Honeywell inventory by its suppliers and immediate resolution of outstanding claims against Honeywell. The letter said Honeywell would implement the price cuts April 1 and add the rest of the terms to contracts and purchase orders by April 13.

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