Honeywell Inc says that it will have to take a $23m writedown with its second quarter figures to cover cost over-runs on fixed price contracts, and asset writedowns in its Military Avionics Group, and that as a result, profits will be lower than the $53m of a year ago; it also says that it has found the need to make accounting at its Sperry Aerospace acquisition more stringent, and another 300 people will have to go on top of the 200 that have already been laid off in the unit; it is also writing down Solid State Electronics assets.
