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Honeywell 2003 Annual Report Download - page 347

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Materials segment profit in 2002 increased by 61 percent compared with 2001 due

mainly to the absence of goodwill amortization expense in 2002 and the impact of

higher volumes in our Electronic Materials and Nylon System businesses, lower

raw material costs, and lower costs resulting from plant shutdowns and workforce

reductions. This increase was partially offset by the negative impact of pricing

pressures in many of our markets and by start-up costs for our new Fluorines

plant.

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