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1、2 0 2 0 A N N U A L R E P O R T2020 SHAREOWNERS LETTERAs the early weeks of 2020 unfolded,it quickly became clear that we were going to face challenges unlike any thecompany had encountered in our history and hopefully,never will again.COVID-19 spread from nation to nation,key end markets faltered,a
2、nd we had to quickly adjust our cost base to maintain our footing.I frequently say to myteam that while easy economic conditions are far more fun than what we had to go through in 2020,its the toughestconditions that test us the most and enable us to grow stronger as leaders.In the face of the pande
3、mic one of themost disruptive events ever to affect our business I could not be prouder of Honeywells team and how weresponded to extremely difficult circumstances.Honeywell has earned a reputation for its ability to deliver in all economic cycles.We proved it during the GreatRecession,and we proved
4、 it time and again throughout multiple downturns and upsets in our markets.Last year,however,we demonstrated more than the ability to move quickly to control costs under deteriorating conditions.Wealso pivoted rapidly to bring solutions forward that the world needed.It was a very pleasant and gratif
5、ying surprise tosee how quickly Honeywells innovators brought forward new solutions that were desperately needed to fight thebattle with COVID-19.Whether we were expanding our personal protective equipment(PPE)manufacturing capacityor introducing innovative new products to clean aircraft and support
6、 vaccine distribution whether we weredeveloping technologies to make buildings healthier for owners and tenants or installing remote operations solutionsto allow our customers to keep their industrial facilities running safely we stepped up when the world needed usmost.While 2020 dealt us severe cha