MORRIS TOWNSHIP, N.J., -- Honeywell today announced that Andreas Kramvis has been named President and CEO of its $4.9 billion Specialty Materials business, effective March 31, 2008. Kramvis succeeds Nance Dicciani who will retire from the company on April 14, 2008. He will report to Honeywell's Chairman and CEO Dave Cote.
"Honeywell is a much stronger and different company today because of Nance Dicciani's terrific work and dedication over the past six years," said Cote. "Under her leadership, Specialty Materials transformed from a slow-growth, low-margin, niche business into a profitable global leader that has great positions in good industries."
"Nance helped grow Specialty Material's revenue from $3.2 billion in 2003 to $4.9 billion in 2007 -- a nine percent compound annual growth rate (CAGR)," continued Cote. "In the same period, operating income grew at a 49 percent CAGR, and the business achieved a 10-point improvement in return on investment. We wish her the best in her retirement from Honeywell."
"Andreas has been with Honeywell since we acquired Pittway in 2000 and has been the President of Environmental and Combustion Controls (ECC), a unit of our Automation and Control Solutions (ACS) business, since 2002," said Cote. "During that time, ECC has grown sales by more than 75 percent mainly due to new product innovations, successful acquisitions, and an expanding global footprint. He's an exceptional leader, with a proven track record of delivering profitable growth, driving innovation, and enhancing productivity. We're confident that this will be a seamless transition for the business and its customers."
Prior to joining Pittway's Security Division in 1987, Kramvis held positions in the consumer goods industry with Cadbury-Schweppes PLC and with Comtech, a high-tech venture investment and management company specializing in computer peripherals. He has extensive global experience and speaks French, German and Greek. Kramvis holds a bachelor's degree and master's degree from Cambridge University in engineering and electronics and an M.B.A. degree from Manchester Business School.
Joe Puishys, currently President of Honeywell Building Solutions (HBS), will succeed Kramvis as President of ECC. Paul Orzeske, currently Vice President of Business Projects for ACS' Security Solutions, will succeed Puishys as President of HBS. Puishys and Orzeske will report to ACS President and CEO Roger Fradin.
Honeywell International is a $36 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London and Chicago Stock Exchanges. For additional information, please visit www.honeywell.com.
This release contains certain statements that may be deemed "forward- looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.
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