(RTTNews) - Honeywell International Inc. (HON) said Wednesday that its Honeywell Aerospace unit has signed a supplier framework agreement with the U.S. Department of War to rapidly increase production of critical defense technologies.
The agreement is backed by a $500 million multi-year investment to expand manufacturing capacity.
The agreement marks Honeywell Aerospace as one of the first Tier 1 suppliers to enter into such a framework with the department, aimed at delivering defense capabilities at increased speed and scale.
The company said it will ramp up production across key areas including navigation systems, missile actuators, and electronic warfare solutions.
The company's electronic warfare solutions are deployed across U.S. military platforms, including fighter jets and missile systems, and support signals and electronic intelligence operations.
In the pre-market trading, Honeywell International is 1.30% higher at $224.45 on the Nasdaq.
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