Joint Press Release of Honeywell and EADS
EADS and Honeywell Sign an MoU in Sourcing Area
Singapore, 27 February 2002
At Asian Aerospace 2002 in Singapore, EADS European Aeronautic Defence and Space Company and Honeywell have signed a Memorandum of Understanding (MoU) in the sourcing area. This agreement is part of EADS' global sourcing strategy that has been launched across the company.
This MoU paves the way for enhanced performances in the relationship between Honeywell as a supplier and EADS as a customer, to better meet customer requirements. The resulting improvements are cornerstones for the implementation of a "Competitive Partnership" between EADS and Honeywell in the sourcing area.
The EADS Sourcing Strategy aims to build a long term relationship with suppliers that are willing to develop sustained, excellent performances to better meet the customers' needs. Tuned to the particular end customers needs, it applies to every Business Unit of EADS. It facilitates the implementation of a deepened, privileged relationship between EADS and its best suppliers, called "Competitive Partnership".
EADS' sourcing strategy comprises major aspects such as supplier evaluation and proactive development of performances and business along procurement policy targets and principles.
"Being singled out by EADS is a great vote of confidence in Honeywell's products, technologies and services" said Lynn Brubaker, Vice President and General Manager, Honeywell Commercial Aerospace. "Honeywell looks forward to the opportunity to work as a partner with EADS member companies to provide the advanced solutions our customers expect."
"Honeywell has positioned itself as one of our major suppliers with interest in enhancing performance and extended business potential. One of the axioms of our global sourcing strategy is to encourage long-term cooperation between EADS business units and their best-in-class suppliers and create a new type of relationship called 'Competitive Partnership'. This excellence-and-reward type of approach will be worked out with a number of committed strategic suppliers to enable our end-customers and shareholders to benefit from best-in-class performances", said Hans-Erich Mundt, Senior Vice President Corporate Sourcing at EADS.
EADS European Aeronautic Defence and Space Company is the largest European aerospace company and the No 2 worldwide with a turnover of 30.8 bn EUR in 2001. The company has a workforce of more than 100000 (end of 2001). It is active in the sectors of commercial aircraft, helicopters, space, military transport and combat aircraft as well as defence technology and services. Among others, EADS holds 80 percent of Airbus, 75 percent of the space company Astrium, 100 percent of the helicopter manufacturer Eurocopter, 43 percent in the Eurofighter programme and 37.5 percent in the missile company MBDA.
Honeywell is a US$24-billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; specialty chemicals; fibers; plastics; and electronic and advanced materials. Honeywell employs approximately 115,000 people in 95 countries and is traded on the New York Stock Exchange under the symbol HON, as well as on the London, Chicago and Pacific stock exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. Additional information on the company is available on the Internet at www.honeywell.com.
Contact for communications:
| EADS | |
| In Munich: | Rainer Ohler: +49 89607 34 255 |
| In Paris: | Martine Galland: +33 1 42 2422 54 |
| In Madrid: | Miguel Sanchez: +34 91 585 77 89 |
| Honeywell Aerospace | |
| In Singapore: | Ron Crotty: + 1 206 276 8261 |
| In Paris: | Antoine Balas: +33 (0)1 5563 1532 |
Further information |
This release contains forward-looking statements as defined in Section 21 E 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,
