U.S. group targets Honeywell over Iran

By IBTimes Staff Reporter | April 08 2010 4:24 PM

A pressure group, United Against Nuclear Iran (UANI), is urging industrial conglomerate Honeywell International Inc to stop selling security technology to Iran, the group said on Thursday.

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Honeywell security products can be used for surveillance of oil pipelines and nuclear reactors, UANI said in a letter faxed to Honeywell it provided exclusively to Reuters.

The sale of security technology, via a British subsidiary, violates company guidelines for business conduct, UANI said, adding it may sue or pressure the New York Stock Exchange to delist Honeywell if the company continues operations in Iran.

In response, Honeywell said it made a commitment not to undertake new projects in Iran, but is fulfilling its contractual obligations in accordance with U.S. and EU laws and regulations.

Should the U.S. Congress pass a law that prohibits subsidiaries of U.S. companies from doing business in Iran, Honeywell will comply fully as it does with all other laws in the countries in which it operates, the company said in a statement.

Honeywell shares were up 0.5 percent at $45.49 in afternoon trading on the New York Stock Exchange.

TARGETING IRAN'S OIL INDUSTRY

New York-based UANI has pressured industrial companies to stop serving Iran's energy sector. The group has said Ingersoll-Rand Plc , General Electric Co , Huntsman Corp and Caterpillar Inc have agreed to sever ties with Iran.

In the face of overwhelming bipartisan support in the U.S. Congress to economically isolate Iran's oil and natural gas industry, Honeywell continues to make key contributions to the development of Iran's oil industry, UANI President Mark Wallace said in a letter to Honeywell Chairman and CEO David Cote.

UANI said Honeywell regulatory filings have provided zero disclosure about dealings with Iran.

The group's website lists 200 companies targeted over their dealings with Iran, which it argues is developing a secret nuclear weapon and sponsors terrorism.

Its list includes names such as Royal-Dutch Shell Plc , Hewlett-Packard Co , Advanced Micro Devices Inc and Coca-Cola Co .

The list is available at:

http://www.unitedagainstnucleariran.com/ibr

(Reporting by Nick Zieminski; editing by Andre Grenon and Matthew Lewis)