HONEYWELL AND ARAMCO ANNOUNCE JOINT VENTURE FOR NEW SMART OPERATIONS SOFTWARE SOLUTION

New JV to provide end-to-end digitalization to industrial companies

DHAHRAN, Saudi Arabia, November 1, 2022 /PRNewswire/ — Honeywell (NASDAQ: HON) and Aramco announced the signing of a joint venture (JV) agreement to provide a set of end-to-end business process automation solutions, under the Aramco Namaat industrial investment program. Technology solutions can be offered to a wide range of industry sectors to help maximize profitability, improve productivity, sustainability and operational excellence, globally. New JV offerings will leverage Aramco’s Plant.Digital platform (formerly Integrated Manufacturing Operations Management System – iMOMS) as well as Honeywell Connected’s technology development and industrial digital solutions implementation experience Company.

The JV aims to equip industrial companies with the tools, processes and practices they need to more effectively manage plant operations and accelerate sustainable digital transformation and operational excellence initiatives. He will focus on the development, integration and deployment of operations technology (OT) solutions and digital transformation consulting.

“This joint venture agreement with Honeywell is expected to create new jobs in the market, contribute to economic growth and provide another way for Aramco to continue its digital transformation agenda as it evolves to become the world’s first digitized energy company. “, said Ahmad Al Saadivice president of technical services at Aramco.

The JV offering combines Aramco’s Plant.Digital platform and its technical and domain knowledge in end-to-end plant operations with global software development, systems integration capabilities and expertise to help industrial businesses become more sustainable while maximizing output, reducing downtime, improving plant productivity and increasing profit.

“The powerful combination of Aramco’s business, operations, technology and digital delivery expertise, combined with Honeywell’s proven experience in industrial software and big data analytics solutions, as well as our long presence in the Kingdom, should unlock tremendous value for the industry,” said Kevin DehoffPresident and CEO, Honeywell Connected Enterprise.

The new JV should create more than 300 jobs in Saudi Arabia within five years, by supporting the Aramco Namaat industrial investment program, designed to stimulate the development of the Saudi economy and workforce.

This collaboration highlights Aramco and Honeywell’s efforts to support Saudi Vision 2030 – the national roadmap to transform the Kingdom into a global industrial powerhouse and logistics hub. The goal of the vision is to develop high-tech and knowledge-based careers that add significant value to the Saudi economy to be globally competitive.

Honeywell and Aramco have been partners for over 60 years in driving Saudi Arabia forward industry leadership through technology and innovation. This joint venture is the latest leg of that journey, building on a Memorandum of Understanding signed between Honeywell and Aramco in September 2021 to explore the co-development and commercialization of a next-generation digital technology solution for industrial companies. The closing of the joint venture is subject to certain regulatory approvals and other customary closing conditions. The companies also signed a memorandum of understanding in 2017 to explore the benefits of Honeywell’s Industrial Internet of Things (IIoT) offering in support of Saudi Vision 2030.

About Honeywell:

Honeywell (www.honeywell.com) is a Fortune 100 technology company providing industry-specific solutions including aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help planes, buildings, manufacturing plants, supply chains and workers become more connected to make our world smarter, safer and more sustainable. For more news and information about Honeywell, visit www.honeywell.com/newsroom.

About Aramco:

Aramco is an integrated global energy and chemicals company driven by the fundamental belief that energy is opportunity. From producing approximately one in eight barrels of the world’s oil supply to developing new energy technologies, Aramco’s global team is dedicated to creating impact in everything it does. Aramco is committed to making its resources more reliable, more durable and more useful. This helps promote long-term stability and growth around the world. www.aramco.com

Media Relations: [email protected] the Aramco

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SOURCEHoneywell