Honeywell 2009 Annual Report Download - page 37
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•
Driving cash flow conversion through effective working capital management and capital investment in our
businesses, thereby enabling liquidity, repayment of debt, strategic acquisitions, and the ability to return
value to shareholders;
•
Actively monitoring trends in short-cycle end markets, such as the Transportations Systems Turbo business,
ACS Products businesses, Aerospace commercial aftermarket and Specialty Materials resins and
chemicals, and continuing to take proactive cost actions;
•
Aligning and prioritizing investments in long-term growth vs. short-term demand volatility;
•
Driving productivity savings through execution of repositioning actions;
•
Maintaining reduced discretionary spending levels with focus on non-customer related costs;
•
Ensuring preparedness to maximize performance in response to the end of customer inventory de-stocking
and/or improving end market conditions while controlling costs by proactively managing capacity utilization,
supply chain and inventory demand;
•
Utilizing our enablers Honeywell Operating System (HOS), Functional Transformation and Velocity Product
Development (VPD) to standardize the way we work, increase quality and reduce the costs of product
manufacturing, reduce costs and enhance the quality of our administrative functions and improve business
operations through investments in systems and process improvements;
•
Monitoring both suppliers and customers for signs of liquidity constraints, limiting exposure to any resulting
inability to meet delivery commitments or pay amounts due, and identifying alternate sources of supply as
necessary; and
•
Managing Corporate costs, including costs incurred for asbestos and environmental matters, pension and
other post-retirement expenses and our tax expense.
Review of Business Segments
2009 2008 2007
(Dollars in millions)
Net Sales
Aerospace $ 10,763 $ 12,650 $ 12,236
Automation and Control Solutions 12,611 14,018 12,478
Specialty Materials 4,144 5,266 4,866
Transportation Systems 3,389 4,622 5,009
Corporate 1 — —
$ 30,908 $ 36,556 $ 34,589
Segment Profit
Aerospace $ 1,893 $ 2,300 $ 2,197
Automation and Control Solutions 1,588 1,622 1,405
Specialty Materials 605 721 658
Transportation Systems 156 406 583
Corporate (145) (204) (189)
$ 4,097 $ 4,845 $ 4,654
26