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Morris Township-based Honeywell International Inc. said Tuesday it's prepared to withstand any cuts to the nation's defense budget, though the defense contractor said it does not expect growth in its defense and aerospace business until at least next year.
The company outlined its strategy going forward at an aerospace and defense industry conference Tuesday in New York.
Last month, U.S. Defense Secretary Leon Panetta offered a plan to slash defense spending, though Congress has yet to approve any changes to the military budget.
Honeywell said it saw a 2 percent decline in its defense and space business in 2011, and the company expects a drop of between 4 and 5 percent this year, though the company anticipates a return to slow growth by 2014.
"We already have a very efficient organization coming out of the commercial downturn of 2008-2009, and this will serve us well as we face the challenges in the defense business that lay ahead," said Mark Madsen, vice president of Honeywell's defense and space unit, in a press release timed to coincide with the conference.
Madsen said the firm has expanded its reach in international markets, and is working with the Department of Defense on retrofits and upgrades designed to make military equipment more energy efficient.
"Once implemented, our technologies will be real game-changers in helping the military become more efficient without sacrificing functionality, precision or the safety of our country," Madsen said.
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