HONEYWELL BUYING DOW SHARE OF UOP

HONEYWELL IS BUYING OUT Dow Chemical's 50% stake in UOP, a Des Plaines, Illbased petrochemical and refining technology joint venture, for $825 million, giving it full ownership UOP employs about 3,000 people and generated $1.2 billion in revenues in 2004. UOP calls itself the world's largest provider of process technology and services to the refining and petrochemical sector and the largest manufacturer of molecular sieve adsorbents. It also makes more than 300 different catalysts. Nance K. Dicciani, president of Honeywell's specialty materials business, which will assume UOP, says buying out the joint venture is an attractive option in an age when chemical and energy companies are increasingly trying to get the most out of hydrocarbon resources. "We are very optimistic about our forward-looking prognosis for this business," she says Dicciani says the acquisition also fits with Honeywell Specialty Materials' strategy to improve its global reach, acquire technology, meet ongoing and looming trends, and foc...