On October 21, 2024, Honeywell announced a strategic partnership with Google aimed at integrating advanced AI technology with industrial data.

The solutions from this partnership are expected to roll out in 2025, focusing on reducing maintenance costs and enhancing operational productivity.

Honeywell aims to boost operational productivity while also upskilling employees through this initiative.

Key innovations will include purpose-built industrial AI agents designed for task automation and enhanced cybersecurity that integrates Google Threat Intelligence.

These AI agents will be developed using Google Cloud's Vertex AI platform, which will help streamline project design cycles and improve efficiency.

Honeywell's CEO, Vimal Kapur, highlighted the importance of leveraging AI to create actionable insights that bridge the physical and digital realms.

The company's CTO, Suresh Venkatarayalu, noted the shift from automation to autonomy in industrial processes, aiming to assist workers in real time.

This partnership also reflects Honeywell's commitment to addressing labor shortages in the industrial sector, as an entire generation of workers is retiring.

In addition to AI advancements, Honeywell is nearing a $1.5 billion deal to sell its personal protective equipment division to private equity firm Odyssey.

Honeywell's long-term commitment to shareholder value is evident in its 14 consecutive years of dividend increases, with the latest increase bringing the annual cash dividend to $4.52 per share.

Thomas Kurian, CEO of Google Cloud, emphasized that this collaboration seeks to optimize industrial processes and empower the workforce through AI.

With a market capitalization of approximately $144.24 billion, Honeywell continues to maintain a strong presence in the industrial sector.