Honeywell Technologies Wins $300M Scope for World's Largest Single-Train Refinery in Kenya
HON is trading near its 52-week low of $195.769 (7.3% above the low).
Summary
Dangote has selected Honeywell Technologies to provide process technologies, licensing, engineering, catalysts, equipment, and digital solutions for a planned 700,000 barrel-per-day refinery in Kenya. The project scope is expected to be approximately $300 million, similar to the Lekki refinery in Nigeria. Honeywell's proven designs will accelerate the development schedule by nearly two years, about 30% faster than typical new facilities. This award builds on a decade-long collaboration and follows Honeywell's recent acquisition of Johnson Matthey's Catalyst Technologies business, strengthening its process technology portfolio. The deal reinforces Honeywell's position in large-scale refining projects and adds a significant order to its backlog.
At the time of this announcement, HON was trading at $210.13 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $66.6B. The 52-week trading range was $195.77 to $260.15. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.