Honeywell International Inc.
HON
Financials
10
exclusion reasons
7 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Honeywell FM&T has been the sole manager and operator of the Kansas City National Security Campus for the National Nuclear Security Administration since 1949, manufacturing approximately 80% of the non-nuclear components in the U.S. nuclear weapons stockpile. Honeywell's Aerospace segment generated $17.5 billion in 2025 revenue, approximately 47% of total company revenue, with defense-related revenue of approximately $4.9 billion. The Kansas City facility produces high-energy laser ignition systems, microwave hybrid microcircuits, and miniature electromechanical devices for nuclear warheads.
Honeywell International is a major federal contractor, with approximately 35% of its revenue derived from government sales, including to the U.S. Department of Defense. The company maintains a significant lobbying presence to influence policy related to its core aerospace, building technologies, and energy businesses. In 2022, Honeywell settled legacy Foreign Corrupt Practices Act violations with the U.S. Department of Justice and the Securities and Exchange Commission, agreeing to pay a total of $202.7 million in penalties, disgorgement, and interest. The company also settled alleged export violations with the U.S. Department of State in 2021 for $13 million. Honeywell’s stated lobbying approach advocates for “technologically neutral solutions” across its diversified portfolio, a stance that can shield its legacy fossil fuel-based product lines from more stringent climate and energy transition policies.
Honeywell paid $202.7M to resolve SEC charges for FCPA bribery schemes in Algeria and Brazil, including its UOP subsidiary paying over $160M for bribing foreign officials to win contracts.
Honeywell's UOP division is a major licensor and supplier of petroleum refining, gas processing, and petrochemical production technology. UOP processes are used in a substantial share of global refinery operations.
Honeywell International Inc. operates a substantial Aerospace and Defense Technologies segment, which accounted for approximately 36% of its 2024 net sales. This business unit provides critical avionics, propulsion components, and integrated systems for military aircraft, including the F-35 fighter jet. The company actively markets these technologies to support military operations globally, stating its solutions help armed forces "stay mission ready."
In 2021, the U.S. Department of State concluded a $13 million settlement with Honeywell over alleged violations of the Arms Export Control Act and the International Traffic in Arms Regulations. The settlement resolved allegations that the company exported technical drawings for components used on various military aircraft, including the F-22 and F-35 fighters, to unauthorized countries. This enforcement action demonstrates Honeywell’s role in the global defense supply chain for active conflict zones.
While Honeywell announced a wind-down of its existing operations in Russia following the 2022 invasion of Ukraine, its core business model remains predicated on supplying advanced technology to military operations worldwide. The company has also signaled its intent to expand defense services in Europe in response to increased military spending driven by the conflict. There is no public evidence that Honeywell’s activities in conflict zones are limited to providing essential civilian services that would meet the affirmative defense for exclusion.
Honeywell faces a $12M court order for an employee death, multi-million dollar asbestos verdicts from its legacy Bendix brake products, and wrongful death litigation over faulty home gas equipment.
Honeywell International has a documented pattern of interfering with workers' right to organize. In 2012, the National Labor Relations Board (NLRB) investigated the company for alleged union-busting at a South Bend, Indiana facility, including charges that Honeywell violated its contract by laying off union employees before non-union contractors. That same year, an internal Honeywell strategy document was leaked, outlining an anti-union plan that included leveraging political connections to suppress organizing efforts.
This pattern extends across decades. ViolationTracker documents a 2002 NLRB case resulting in an $86,000 penalty for labor relations violations. The recurrence of formal labor violations, from the early 2000s through the 2010s, demonstrates a systemic approach to union avoidance rather than isolated incidents.
Honeywell International provides equipment used by Israeli authorities to demolish homes in the occupied Palestinian territory. The company’s components are also used in the construction and expansion of illegal Israeli settlements in the occupied West Bank.
In 2021, the U.S. Department of State concluded a $13 million administrative settlement with Honeywell to resolve alleged violations of the Arms Export Control Act and the International Traffic in Arms Regulations. While the settlement did not specifically reference occupied territories, it underscores the company’s involvement in the regulated defense trade sector with Israel.
NYSDEC/EPA Consent Decree for Onondaga Lake Superfund site (Syracuse, NY); Allied Chemical (Honeywell predecessor) dumped mercury, chlorinated solvents, and industrial waste into Onondaga Lake for decades; consent decree required dredging and capping 2.2 million cubic yards of mercury- and PCB-contaminated sediment; historically one of the most polluted lakes in the US; remediation ongoing
Research Sources
21 organizations
Related Exclusions
Same Issue
Weapons & Military
See all companies →
Same Issue
Corporate Misconduct
See all companies →
Same Issue
Geopolitical Conflict
See all companies →
Same Issue
Fossil Fuels
See all companies →
Same Issue
Direct Harm
See all companies →
Same Issue
Labor Rights
See all companies →
Same Issue
Environmental Harm
See all companies →
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.