Alcoa

(AA) - Get Report

and

Honeywell

(HON) - Get Report

said Monday they have entered into an automation deal worth $300 million.

Using Honeywell's systems, software and services under the umbrella of its

Industrial Control ManageAbility

program, Pittsburgh-based Alcoa said it will automate its process of converting bauxite to alumina at seven Alcoa refineries. The 10-year venture also includes establishing support centers for the Americas and the Pacific.

The companies, both components of the

Dow Jones Industrial Average

, have had a long-standing relationship.

Honeywell, which is based in Phoenix, Ariz., gained 47 cents, or 1%, to $47.47 on the

New York Stock Exchange

. Alcoa was up 26 cents, or 0.75%, to $34.95.