Enterprise Risk Management at Honeywell Intl
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Case Details:
Case Code : ERMT-020
Case Length : 13 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : Honeywell International
Industry : Aerospace
Countries : Global
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Introduction
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Honeywell, a diversified company dealing in aerospace products and services,
control technologies, automotive products, power generation systems, specialty
chemicals, fibers, plastics and advanced materials, generated sales of $25,023
million in 2002.
A global leader in control technology, Honeywell's products were used
extensively in homes, office buildings, and industrial facilities, military and
commercial aircraft, and NASA spacecraft. Honeywell employed approximately
100,000 people in 95 countries. It was one of the 30 stocks that made up the Dow
Jones Industrial Average and also a component of Standard & Poor's 500 Index.
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Background Note
An invention patented by Al Butz in 1885, the Damper Flapper, led to the
establishment of Honeywell. The Damper Flapper, forerunner of the thermostat,
opened furnace vents automatically. Butz formed the Butz Thermo-Electric
Regulator Co. to market the product but sold patent rights to investor William
Sweatt in 1893. Sweatt led the company for the next four decades. The company
eventually began producing a burner-control system for fire protection on oil
and gas furnaces. Sweatt persuaded manufacturers to redesign furnaces to
accommodate controls, thus establishing a new market.
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In 1927, the company merged with Indiana-based chief competitor Mark Honeywell
Heating Specialties as Minneapolis-Honeywell Regulator.
Honeywell developed precision optics during the Second World War, when the US
military sought its assistance in designing instrumentation and control systems
for bombers.
During the following decade, Honeywell used computers in control and guidance
systems. It formed Datamatic Corporation (1955) with Raytheon to develop data
processors. The name Honeywell was coined in 1964. |
Honeywell purchased GE's computer division in 1970 and took a
stake in French company, Machines Bull. Honeywell bought Xerox's computer
business in 1976. That year it merged Machines Bull with a computer company
owned by the French government, which purchased Honeywell's interest (after
threatening to nationalize it) in 1982...
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