PHOENIX (AFX) - Honeywell International Inc., a maker of automation and control systems, said Wednesday it received a $7 million contract to supply safety controls for a new plant for the Saudi Arabia state-owned petrochemicals company, Tasnee Petrochemicals.
Honeywell got the deal as a subcontractor from Samsung Engineering Co.
The project, in Al Jubail Industrial City, Saudi Arabia, is scheduled for completion by December 2007, with production expected to start by 2008.
Petrochemicals, or chemicals made during the refining of gas and oil, are used to make plastics, paints, fertilizers and medicines.
Honeywell shares rose 33 cents to $40.78 in recent trading on the New York Stock Exchange.
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