Today's News

Honeywell exec sees economic slowdown since June, 2012

October 22, 2012
KEYWORDS financial
/ Print / Reprints /
ShareMore
/ Text Size+

HoneywellAt a press conference held yesterday afternoon at the National Safety Congress and Expo in Orlando, Mark Levy, president of Honeywell’s Life Safety Division, home of Honeywell Safety Products (including Salisbury, BW Technology, Sperian, and Norcross brands) said in response to a question that the U.S. economy maybe has recovered 50% from the depths of the Great Recession of just a few years ago.

Levy said his company had seen a general slowdown in orders and sales since June, 2012. He said most major corporations have had similar experiences, and are now in a “hold” mode. For a number of firms, that means a focus on operations efficiency and cost containment.

Uncertainty about the future is a major reason corporations, inside and outside the safety market, are currently cautious. In the U.S., there is the very uncertain outcome of the presidential election in a mere few weeks. And there is fear and uncertainty about Congress’s willingness to face down the so-called “financial cliff” of decisions regarding very difficult federal budget cuts come January, 2013, said Levy. He said it now appears Congress may put off action until March or the spring.

The slowdown in China’s once surging economy is another reason for corporate caution, as is the financial instability of several European Union countries, such as Greece and Spain.

David M. Cole, chairman and CEO of Honeywell, who has been deeply involved as a corporate leader in discussions and possible plans to deal with the U.S. near-term financial problems, has been a vocal critic of the Washington gridlock that has held up any real progress in moving back from the “cliff” to safer, more stable ground, said Levy.

Honeywell is a Fortune 100 company with sales of $36.5 billion in 2011 across all segments of its business, and has 132,000 employees worldwide.

Did you enjoy this article? Click here to subscribe to ISHN.

You must login or register in order to post a comment.

STAY CONNECTED

Facebook logo Twitter YouTubeLinkedIn Google + icon

Multimedia

Videos

Image Galleries

ASSE Safety 2014 Review

A gallery of photos from the sprawling Orange County Convention Center in Orlando, where ASSE’s annual professional development conference was held June 8-11. All photos courtesy of the American Society of Safety Engineers.

9/9/14 2:00 pm EDT

Welding: It doesn't have to be a grind. The latest in respiratory protection and PPE for welders and grinder

Attendees of this webinar will gain knowledge of hazards and appropriate PPE for welding applications, regulatory drivers that are changing the landscape of PPE within welding applications and the latest product technologies being offered in welding PPE.

ISHN Magazine

ISHN_0814cov.jpg

2014 August

Check out ISHN's August issue which features content about pain prevention, forklift operation safety and a preview of the National Safety Congress and Expo.

Table Of Contents Subscribe

THE ISHN STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\ISHN\safetyfourth.jpg
Safety Engineering, 4th Edition

A practical, solutions-driven reference, Safety Engineering, 4th edition, has been completely revised and updated to reflect many of today’s issues in safety.

More Products

For Distributors Only - May 2014

ISHN0514FDO_cover.jpgFor Distributors Only is ISHN's niche brand standard-sized magazine supplement aimed at an audience of 2,000 U.S. distributors that sell safety products. Circulation only goes to distributors. CHECK OUT THEMAY 2014 ISSUE OF FDO HERE

ishn infographics

2012 US workplace deathsCheck out ISHN's new Infographic page! Learn more about worker safety through these interactive images. CLICK HERE to view the page.