Agreement with Haishun will help meet increasing demand for pharmaceutical packaging in China
SHANGHAI, China, Nov. 6 /PRNewswire/ -- Honeywell (NYSE: HON) announced today that it has signed a three-year supply agreement with Shanghai Haishun Packaging Material Co., Ltd., to provide the Chinese company with Honeywell's Aclar(R) brand moisture-barrier films for pharmaceutical packaging.
Honeywell will also provide technical services and training to Haishun as part of the agreement.
"We continue to focus on meeting the current and future packaging needs of the pharmaceutical industry for packaging materials which protect their products," said Rick Knight, global business manager for Honeywell's Heath Care and Packaging business. "Our supply agreement with Haishun will allow us to better serve our customers in the Chinese market."
Honeywell and Haishun are partnering to meet the steady and rapidly growing demand for pharmaceutical packaging in China. According to IMS Health, a pharmaceutical and health care market intelligence company, China is the largest and fastest growing market within the Asia-Pacific region for the pharmaceutical industry. In 2007, the Chinese pharmaceutical market recorded sales of $19 billion with annual growth of 26 percent.
"Honeywell has years of experience in technology innovation and offers market advantages in the area of specialty films," said Weir Lin, general manager of Haishun. "Our agreement with Honeywell will upgrade the technology and quality level of our products, and allow us to promote new moisture-barrier packing materials to pharmaceutical manufacturers in China."
To support the growing needs of its customers in China and the Asia-Pacific region, Honeywell Specialty Materials opened its Asia-Pacific Technology Center in Shanghai's Zhangjiang Hi-tech Park in late 2004. One of the major areas of research conducted at the 56,000-square-foot (5,200-square-meter) Technology Center is specialty films.
Aclar polychlorotrifluoroethylene (PCTFE) fluoropolymer films have excellent moisture barrier and chemical stability properties. Aclar films are crystal clear, biochemically inert, chemical-resistant, nonflammable, and plasticizer- and stabilizer-free. The Aclar supplied to Haishun will be produced at Honeywell's plant in Pottsville, Pa., in the United States.
In addition to Aclar, Honeywell manufactures Burdick & Jackson(R) high-purity solvents and DNA and RNA reagents and Oxyfume(R) gases used to sterilize heat-sensitive medical devices.
Shanghai Haishun Packaging Material Co., Ltd. is based in Shanghai and is a leading packaging materials supplier for the pharmaceutical industry in China. The company's production facilities have received Good Manufacturing Practices (GMP) certification from the Chinese government, and all its products are duly registered as national pharmaceutical packaging materials.
Honeywell Specialty Materials, based in Morristown, N.J., is a $4.9 billion, global leader in providing customers with high-performance specialty materials, including fluorine products; specialty films and additives; advanced fibers and composites; intermediates; specialty chemicals; electronic materials and chemicals; and technologies and materials for petroleum refining.
Honeywell International is a $38 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; specialty chemicals; fibers; and electronic and advanced materials. Based in Morris Township, NJ, Honeywell's shares are traded on the New York, London, Chicago and Pacific Stock Exchanges. It is a component of the Standard & Poor's 500 Index. For additional information, please visit http://www.honeywell.com.
This report contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management's assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
Copyright©2008 PR Newswire.
All rights reserved