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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Jim Spitz who wrote (35805)	9/19/2001 5:02:06 PM
From: Jim Spitz	Read Replies (1) \| Respond to of 37746

Honeywell announces 3,800 more job cuts, lowers earnings projections Associated Press Published Sep 19 2001 MORRIS TOWNSHIP, N.J. -- Honeywell International announced 3,800 new job cuts and lowered its third-quarter earnings projections Tuesday, citing a downturn in the commercial air transport industry. The high-tech manufacturer announced it would cut a total of 12,000 jobs, or 10 percent of its 120,000-person work force, companywide by year's end. That figure includes about 3,800 new job cuts, said spokesman Tom Crane. Honeywell also said third-quarter earnings will fall short of estimates, coming in at 43 to 45 cents per share. Analysts surveyed by Thomson Financial/First Call had projected 53 cents. Honeywell also said its full-year earnings per share would range from $2 to $2.10; analysts had projected $2.20. The company said its cost-cutting measures were expected to save $500 million in 2002. It said it expected a renewed interest in business jet travel to help offset lost income from its commercial air transport business. Honeywell manufactures aerospace and automotive products, as well as engineered materials, including chemicals, fibers and plastics. Harriet Baldwin, an analyst for Deutsche Bank, said the revised earnings projections were no surprise, given the slowing economy, and Honeywell's cost-cutting would help it to weather the troubles in the air transport industry. "This is a difficult time for all industrial manufacturers," she said. Honeywell shares fell 99 cents Tuesday to $28.51. Separately, European competition commissioner Mario Monti defended blocking General Electric Company's $41 billion bid for Honeywell this year, saying the legal reasoning based on "bundling" was sound. The EU rejected the merger July 3 largely because it feared GE and Honeywell could have squeezed out rivals in the aviation business by offering customers a "bundled" package of jet engines, avionics and financing. Speaking to EU parliamentarians nearly a week after the companies appealed the case, Monti said Tuesday that the concept "has been used in many competition policy decisions in many countries," including the United States. The decision drew sharp criticism from U.S. politicians and antitrust experts. The companies appealed Sept. 12 to the EU's Court of First Instance in Luxembourg. © Copyright 2001 Star Tribune. All rights reserved.