18 Mar 2003

HONEYWELL COMMENCES ADDITIONAL PRODUCTION FOR R-22 REPLACEMENT REFRIGERANTS

Plant start-up designed to meet increased demand due to r-22 global phase-out

MORRIS TOWNSHIP, NJ, February 25, 2003 – The Chemicals business of Honeywell (NYSE:HON) announced today that it has initiated production of HFC-125 at its new facility located in Geismar, Louisiana. According to Richard Preziotti, Vice President and General Manager of Honeywell Chemicals, “We are committed to being the premier manufacturer and supplier of non-ozone depleting refrigerants for equipment manufacturers and service channels around the world, and this new facility clearly demonstrates our commitment to our customers. The recent restrictions on R-22 production put in place this year by the United States Environmental Protection Agency are just the latest indication of the global trend away from HCFCs and toward refrigerants such as R-410A that use HFC-125. This expansion is perfectly timed.”

Honeywell broke ground on the facility in May of 2001, and subsequently invested over $100 million to design and construct the plant in time for the 2003 North American cooling season. The plant is dedicated to producing HFC-125, the core ingredient in five widely used refrigerant blends: R-404A, R-410A, R-407C, R-507, and R-402A, also known as HP80. Honeywell markets these refrigerants under the HONEYWELL^® brand in Europe and the Middle East.

Jeremy Steinfink, Global Business Director for Refrigerants at Honeywell added “Because of the sustained growth in demand for non-ozone depleting refrigerants, we are adding sales, marketing, and technical expertise globally to provide our customers with the support they expect from the industry’s refrigerant leader. Honeywell is the world’s largest producer of non-ozone depleting refrigerants for stationary air-conditioning and refrigeration applications, and this new world-scale facility will allow us to ensure reliable supply to customers around the world.”

According to Mr. Prezziotti, “Geismar was the best place to locate this new facility for several reasons. First, we already had our multi-products plant on the site where we manufacture a variety of HFC and HCFC refrigerants, giving us both an experienced workforce and a proven supply chain. Second, the new HFC-125 plant was constructed in tandem with our new HFC-245fa facility which produces ENOVATE™ 3000, the leading HFC replacement for HCFC-141b in insulating foam. By constructing both plants at one time we reduced our overall plant construction costs, although together they represent an investment in excess of $200 million in new HFC capacity. Third, Geismar is the home of our “HF” or hydrofluoric acid manufacturing facility, the world’s largest such plant and a key raw material for producing HFC and HCFC chemicals.”

The new HFC-125 facility has begun production and is anticipating a ramp-up to full production during the first quarter of 2003. Honeywell plans to commemorate the plant start-up with an official ribbon-cutting ceremony for customers and employees in late February at Honeywell’s expansive Geismar site.

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Notes for editors

Honeywell Fluorine Products is part of Honeywell’s Specialty Materials business. Specialty Materials, a $ 4 billion strategic business unit of Honeywell, is a world leader in the production of nylon, polyester, polyethylene, fluorocarbons, caprolactam and specialty and electronic materials. Based in Morristown, New Jersey, the business has approximately 12,500 employees and more than 75 manufacturing and sales facilities worldwide. The business serves diverse market segments including automotive, healthcare, agricultural, electronic and food packaging, polymers/plastics, personal care, air conditioning and refrigeration, security coding, lubricants, paper and packaging, semiconductor, industrial and consumer power tools, paints and coatings, commercial and residential carpet, as well as body and vehicle protection. Honeywell Fluorine Products pioneered the development of fluorocarbons used in environmentally safer refrigerants and foam blowing agents. For more information, visit www.enovate3000.com or www.honeywellrefrigerants.com.

Honeywell is a US $ 24-billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; specialty chemicals; fibers; plastics; and electronic and advanced materials. Honeywell employs approximately 100,000 people in 95 countries and is traded on the New York Stock Exchange under the symbol HON, as well as on the London, Chicago and Pacific stock exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor’s 500 Index. Additional information on the company is available on the Internet at www.honeywell.com.

Forward-Looking Statement

This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.