FMS to supply armor products to Honeywell
FMS: Honeywell will probably place orders worth $1.7 million a month during 2007.
Amir Keidan 13 Feb 07 12:17
FMS Enterprises Migun Ltd. (TASE: FBRT) will supply armor products to Honeywell International Inc. (NYSE:HON). The contracts are through 2016, and will be automatically renewed for an indefinite period, subject to the consent of both parties.
Honeywell has undertaken to buy a minimum quantity of products from FMS, which FMS believes will ensure the existence of its US subsidiary, which will carry out the actual production, without losses. FMS’s US production lines will begin production of military goods for Honeywell in March, and gradually increase output.
FMS predicts that its contracts with Honeywell will lead to much larger orders from the latter. FMS said that Honeywell will probably place orders worth $1.7 million a month during 2007.
Published by Globes [online], Israel business news - www.globes.co.il - on February 13, 2007
