19 April 2013 17:32 [Source: ICIS news]
HOUSTON (ICIS)--The order backlog at Honeywell’s UOP petrochemicals technology business hit a record $2.9bn (€2.2bn) in the 2013 first quarter, reflecting 27% year-on-year organic growth, the CEO of the diversified US technology and industrial major said on Friday.
As a result, UOP is set up for a multi-year cycle of continued outperformance in the technologies and processes it provides for petrochemicals production, CEO David Cote said during Honeywell’s 2013 Q1 conference call.
However, while UOP will have a strong second quarter, its licensing revenues are not expected to match the very strong licensing revenues it achieved in the 2012 second quarter.
Earlier on Friday, Honeywell’s performance and technologies segment – which includes UOP - reported a 17% year-on-year increase in Q1 profit, to $374m, mainly because of higher petrochemical catalyst shipments and equipment sales by its UOP petrochemicals business.
($1 = €0.77)
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