Honeywell Awarded Additional Year for Abrams Engine Program With U.S. Army

PHOENIX, Aug. 12 /PRNewswire-FirstCall/ -- Honeywell (NYSE: HON) announced today that it has been awarded an additional option year on a contract from the U.S. Army to improve performance and extend the life of the AGT1500 turbine engine that powers the M1 Abrams tactical vehicle.

The Total InteGrated Engine Revitalization (TIGER) Program Year 4 Option has a Not-To-Exceed value of more than $300 million, bringing the total contract value to more than $1.4 billion.

Honeywell is working with the Army's Program Manager Heavy Brigade Combat Team, TACOM Life Cycle Management Command (LCMC) and Anniston Army Depot (ANAD) under the contract to provide parts, engineering, depot and field support services, enabling ANAD to reset and maintain approximately 750 engines. The scope of work includes critical field support services at U.S. military bases and in South Korea and Germany.

In the fourth year of the TIGER program, the Abrams engine is transitioning to a Fact Based Maintenance (FBM) protocol in keeping with the Army's transition to Condition Based Maintenance (CBM). Fact Based Maintenance will be utilized in evaluating and repairing previously reset TIGER engines returned to ANAD for maintenance. As a result of the TIGER Program, baseline configuration, field maintenance and engine performance data will be available on all returned TIGER engines, enabling ANAD personnel to determine specific maintenance requirements during engine teardown analysis. Significant cost-savings for the Army will be realized by transitioning from an "overhaul" protocol to FBM and replacing only parts that do not have adequate life remaining to complete another field cycle.

Honeywell International (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.

Based in Phoenix, Arizona, Honeywell's aerospace business is a leading global provider of integrated avionics, engines, systems and service solutions for aircraft manufacturers, airlines, business and general aviation, military, space and airport operations.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.

SOURCE Honeywell

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