Honeywell CEO Sees Signs of Global Economy Slowing
Honeywell InternationalChief Executive David Cote said Friday there are signs that the global economy is slowing, but so far the trends remain "very good" for the company's business.
"It depends on the country," Cote said, in an interview on CNBC. "But clearly the U.S. finally feels the slowing is going to be real. It's already been there in housing. Certainly, you’re seeing it in autos now. We don't see it as much as in a lot of other things, surprisingly."
The diversified manufacturer receives about 51 percent of its sales from outside the U.S., Cote said. (To listen to the full interview, watch the attached video...)
He expects the trends are going to remain good for Honeywell outside the U.S. because of the strong demand for the products in areas such as energy efficiency, energy generation and aerospace.
Cote said he sees a "general slowing" in Europe, particularly in the automotive and housing industries.
"In China and India, you can see that the (gross domestic product) growth rates are declining a bit," Cote said, "Still growing very well though. When you argue that it used to be a nine now it's an eight, OK. So you find the difference in your own numbers, but it’s still very good."
According to Cote, China is structured in order to enable business growth as a way of increasing the country's standard of living.
"That's a nice phenomenon to deal with," Cote said.