NEW YORK, June 17, 2014 /PRNewswire/ -- Honeywell (NYSE: HON) marked 100 years of innovation and leadership in the aerospace and oil and gas industries as Honeywell Chairman and CEO Dave Cote led other company executives in ringing the closing bell at the New York Stock Exchange. The bell ringing recognized the centennials of Honeywell Aerospace, a pioneer in aviation, and Honeywell's UOP, which created the basis for the modern refining industry.
Honeywell Aerospace traces its legacy of innovation to June 18, 1914, when Lawrence Sperry did a "wing walk" with no one at the controls of his airplane to demonstrate the first aircraft stabilizer, which became known as the autopilot. Today, Honeywell has one of the largest aerospace products and services portfolios in the industry, having invented hundreds of technologies that have led to safer skies, space exploration and stronger military offerings. Honeywell offers thousands of products and services that can be found on virtually every commercial, defense and space aircraft worldwide.
UOP was founded in Chicago on June 17, 1914, to commercialize the first conversion technology for upgrading crude oil, resulting in a fourfold increase in the amount of gasoline that could be derived from crude oil. Now part of Honeywell's Performance Materials and Technologies (PMT) business, UOP remains the recognized leader for providing process technology, catalysts, adsorbents, equipment and consulting services to the petroleum refining, petrochemical and gas processing industries.
Continuous Advancements in Oil and Gas TechnologyUOP became a wholly owned subsidiary of Honeywell in 2005. Since then, UOP's revenue has more than doubled as Honeywell has invested in its growth."UOP has been and continues to be a driving force of innovation for the global petroleum and natural gas industries," said Rajeev Gautam, president and CEO of UOP. "Our partnership with the world's oil and gas companies has led to the development and commercialization of the technologies that have enabled our modern way of living." During the past 100 years, UOP breakthroughs include technologies to more efficiently produce gasoline, diesel fuel and jet fuel, and to manufacture the chemical compounds that helped launch the modern petrochemicals industry, introducing the world to products made from plastic resins and films and synthetic fibers. UOP commercialized technologies to produce the first large-scale biodegradable detergents, produce lead-free gasoline and make possible the automobile catalytic converter. The world's leading developer of technologies for the oil and gas industry, UOP has earned more than 12,000 patents.