Honeywell International Inc. (HON), a worldwide provider of diversified technology and manufacturing services, has entered into an agreement to supply fly-by-wire flight control system for the C919 airliner of Commercial Aircraft Corporation of China Ltd. (“COMAC”).

The C919 is a new, single-aisle airliner designed for commercial purpose. Many commercial aircraft Incorporatedluding COMAC’s ARJ-21 regional jet, the Boeing 787 and the Embraer 170/190 family, have been using Honeywell’s fly-by-wire flight control system, which ensures smooth and safe use of the aircraft.

The system will provide autoflight and automatic landing facility to the new C919 airliner, enhancing the performance of the aircraft by being light weight, small and power efficient. The company has also entered into an agreement, to form a joint venture, with the Flight Automatic Control Research Institute (“FACRI”) to provide electronic equipments for the C919.

The aerospace industry in China has been expanding rapidly Incorporatedreasing the need for experts who can train operators in the use of aircraft. With this view, Honeywell recently inaugurated Honeywell China Aerospace Academy, which would help train C919 operators. The company has been running about 10 such facilities in different regions of China Incorporatedluding aerospace maintenance and manufacturing facilities in Xiamen, Nanjing, Suzhou and Shanghai.

China provides a substantial growth opportunity for Honeywell, complemented by its Asia-Pacific business based in Shanghai. Besides developing its aerospace business in China, the company also participates in the energy sector of the country, touted as the second largest energy consumer in the world. China is building an 8,704-kilometer pipeline, said to be the longest in the world, and Honeywell is a part of this prestigious project, which would transform China’s coal base energy to a natural gas base.

With 60 years of experience in flight control technology development, the Arizona based aerospace business of Honeywell has emerged as the leading worldwide supplier of integrated avionics, engines, systems and service solutions for aircraft manufacturers, airlines, business and general aviation, military, space and airport operations.  The company generated total revenue of $7.8 billion in the first quarter of 2010, with approximately 32% of its revenues coming from its aerospace business.

Based in Morris Township, N.J., Honeywell International Inc. is a Fortune 100 company providing technical and manufacturing support to customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. The major competitors of Honeywell are BorgWarner Inc. (BWA), United Technologies Corp. (UTX) and Jonhson Controls Inc. (JCI).

We currently maintain our Neutral rating on Honeywell, with a Zacks #3 Rank over the next one-to-three months.

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