Financial Release

MORRIS PLAINS, N.J., May 17, 2017 /PRNewswire/ -- Honeywell (NYSE: HON) today announced the launch of a new investment fund that will invest in early-stage, high-growth technology companies that are strategically aligned to the Company's portfolio and software capabilities. The initial fund size is expected to be approximately $100 million and investments will be made through Honeywell Venture Capital LLC, a wholly owned subsidiary of Honeywell.

"Investments in early-stage high-growth companies are a great way to supplement Honeywell's track record as an innovation leader, leverage our research and development capabilities, and provide access to new solutions for our customers," said Honeywell President and CEO Darius Adamczyk.  "We will invest in companies from around the world with emerging or disruptive technologies that either complement our technologies or can help us serve our customers more effectively.  This will help us to stay out in front of trends while enhancing our culture of innovation and entrepreneurialism.  The fund will concentrate on companies that could scale faster through access to Honeywell's customers, channels, intellectual property, advanced manufacturing capabilities, and global presence. We view this new investment fund as a long-term commitment and a pillar of our innovation agenda for years to come."

Honeywell Ventures will be led by Murray Grainger, who assumes the newly created role of Managing Director.  Grainger joined Honeywell in 2004 and has most recently led the integration of Intelligrated, a $1.5 billion acquisition of a leading supply chain automation technology provider, which was completed by Honeywell in 2016.

"Murray has been with Honeywell for many years and has had leadership roles across several of our businesses and functions on a global basis, including top roles in general management, investor relations, and business development," continued Adamczyk.  "He is very familiar with how to identify companies that can best partner with Honeywell, and most importantly how to drive successful outcomes that benefit our customers, employees, investors, and the companies in which we will invest.  I am very confident in Murray's ability to work closely with the venture capital community and to strengthen our growth profile through Honeywell Ventures."

Grainger previously served in several other Honeywell roles of increasing responsibility, including Vice President of Investor Relations; Vice President of Business Development and M&A for Honeywell Automation and Control Solutions; Vice President of Strategy and Marketing for Honeywell Performance Materials and Technologies (PMT); and General Management and Finance leadership roles within PMT.  Grainger holds a Master of Business Administration from Columbia University and a Bachelor of Engineering from The University of Sydney Australia.

Honeywell (www.honeywell.com) is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally.  Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable.  For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

For more information on Honeywell Ventures, please visit www.honeywellventures.com.

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SOURCE Honeywell