Honeywell International named Terrence Hahn as CEO and president for its transportation systems division.
Honeywell’s transportation systems division manufactures turbocharges and Europe accounts for more than 50% of its sales. Last year the division reported loses in profit and declines in sales, and it continued to struggle during the first quarter of this year. In 2012 sales dropped 8% to $3.56 billion and profit fell 11% to $432 million compared with 2011.
The main reason for these declines is weak auto production in the crisis affected Europe. Last year Europe accounted for 56% of the transportation systems division total sales and during the first quarter sales dropped 4% to $914 million, while profit fell 8% to $111 million. Honeywells’ transportation systems division controls 50% of the global turbocharger market.
Beginning May 20th, Terrence Hahn will serve as CEO and president for the transportation systems division, leaving his position as vice president and general manager of fluorine products at the company’s performance materials and technologies division. Hahn will report directly to Honeywell Chairman and CEO Dave Cote.
Before joining Honeywell, Hahn worked for 20 years with industrial gases firm Air Products and Chemicals Inc. In 2012 Honeywell reported global sales of $37.7 billion, an increase from $36.5 billion in 2011 and sales during the first quarter were flat at $9.3 billion.