Honeywell Aero Ramps Up ITAR-Free Defense Product Development for European Market
HONA is trading near its 52-week low of $200 (14% above the low).
Summary
Honeywell Aerospace (HONA) is making a strategic push to develop defense products free from U.S. export controls (ITAR-free) specifically for the growing European market. This initiative, involving 1,000 engineers in Europe, aims to capitalize on increased European defense spending and demand for components not subject to potential U.S. re-export blocks. This follows HONA's recent spin-off from Honeywell International (HON) on June 29th, positioning it to independently pursue this significant international growth opportunity. International sales already represent 30% of HONA's defense business, which itself is 40% of total revenue. A new ITAR-free product is expected to be announced at the Farnborough Airshow later this month.
At the time of this announcement, HONA was trading at $227.00 on NASDAQ in the Industrial Applications And Services sector. The 52-week trading range was $200.00 to $297.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.