The U.S. leads the world in high-end manufacturing—so why is it widely believed that U.S. manufacturing is in decline, and why is there a push for 'reindustrialization'?

・ Xometry: A digital manufacturing platform connecting buyers with U.S. suppliers via AI; generated approximately $1 billion in revenue for U.S. manufacturers between 2020 and 2025. ・ Wellascent (a Chinese copper wire manufacturer): Established a factory in Texas to avoid 50% import tariffs; annual production capacity is projected to reach 3,000 tons by 2028. ・ Jergens Inc. (a furniture manufacturer): Expanded its workforce in Cleveland in response to rising domestic demand driven by tariff policies. ・ Many electronics, apparel, and luxury brands—including Apple, Nvidia, and LVMH—are also considering or already establishing U.S.-based manufacturing and relocating high-end craftsmanship operations. Three years ago, the U.S. rare-earth elements (REE) industrial chain was extremely underdeveloped—but look at it today. And consider the U.S.–Japan–Australia rare-earth cooperation initiative. Do you think the U.S. military will still depend on China for rare-earth materials three years from now? Major U.S. industrial automation companies: These firms primarily provide factory automation, control systems, robotics, and smart manufacturing solutions: ・ Rockwell Automation ・ Headquarters: Milwaukee, Wisconsin ・ A globally renowned industrial automation and digital transformation company. ・ Emerson Electric ・ Headquarters: St. Louis, Missouri ・ Offers process automation, industrial control systems, and instrumentation. ・ Honeywell Process Solutions (Honeywell’s process automation division) ・ Headquarters: Charlotte, North Carolina ・ Specializes in automation and control for process industries (e.g., oil & gas, chemicals, energy). ・ General Electric (GE Digital) ・ Headquarters: Boston, Massachusetts ・ Industrial Internet of Things (IIoT), predictive maintenance, and automation software. ・ National Instruments (now NI, acquired by Emerson) ・ Test, measurement, and automation equipment. ・ ABB U.S. (Swiss-headquartered, but with extensive U.S. operations) ・ Industrial robots and factory automation. Major U.S. mining automation companies: These firms specialize in mining equipment, autonomous haul trucks, and remote-control systems: ・ Caterpillar Inc. ・ Headquarters: Deerfield, Illinois ・ One of the world’s largest construction equipment manufacturers; provides autonomous mining trucks and mine equipment automation. ・ Komatsu Mining Corp. (U.S. subsidiary) ・ Though headquartered in Japan, maintains large-scale R&D and manufacturing facilities for mining automation in the U.S. ・ Hexagon Mining (headquartered in Tucson, Arizona) ・ Provides digital and automated mining software solutions (e.g., fleet dispatching, surveying, autonomy). ・ 3D-P / Matrix Design Group ・ Mining communications and safety automation solutions (wireless networks + remote monitoring).

Old Zhang’s ESG Ledger No. 38 | MSCI awards top-tier AAA rating; S&P gives only 36/100—Honeywell’s 'greenwashed' ESG ledger

I. The Honeywell You Think You Know May Not Be the Real Honeywell When people hear 'Honeywell', many Chinese consumers immediately picture N95 masks snapped up during smog season, Howard Leight hearing protection used in factories, or home formaldehyde-removing air purifiers. Some assume Honeywell operates like Philips—relying on brand licensing and OEM volume sales, pursuing a light-asset model. But flipping through its financial reports reveals a major perception gap. Yes, those PPE products are genuine Honeywell-manufactured goods—but compared to its aerospace avionics systems and process control software, personal protective equipment (PPE) represents a classic low-margin, labor-intensive business. In 2025, Honeywell sold this most publicly recognizable business outright for approximately $1.16 billion in cash. Its true profit engine lies in aerospace technology and industrial automation. Honeywell International (NASDAQ: HON), founded in 1906 and re-incorporated in Delaware in 1985, is headquartered in Charlotte, North Carolina. Current Chairman and CEO Vimal Kapur has worked at Honeywell for over thirty years. It is a publicly traded, widely held corporation with no controlling shareholder. Today, Honeywell operates four core business segments: Aerospace Technologies, Industrial Automation, Building Technologies, and Energy & Sustainability Solutions—and is executing two major spin-offs: its Advanced Materials business has already been spun off as Solstice Advanced Materials (SOLS), while its Aerospace business is expected to become an independent entity named Honeywell Aerospace in the second half of 2026. Key financial metrics for the past three years: The 2025 earnings decline was primarily attributable to a $724 million goodwill impairment charge triggered by the spin-offs. R&D spending as a share of revenue rose from 4.0% to 4.8%, mainly directed toward new aerospace products. Market capitalization has remained stable within the $130–145 billion range. Applying the Boston Matrix for quick positioning: Aerospace Technologies is a 'Star' business (with over $18 billion in backlog orders); Process and Building Automation are 'Cash Cows' (leveraging the Honeywell Forge IoT platform to generate high marginal profits); Carbon Capture and Green Hydrogen are 'Question Marks'; while PPE and legacy chemical businesses have been classified as 'Dogs' and decisively divested. Strategically, Honeywell pursues focused differentiation—deeply integrating hardware with the Forge software platform, leveraging high customer switching costs and patent barriers to maintain its position amid fierce competition from GE Aerospace, RTX, Siemens, Emerson, and ABB. In the Chinese market, Honeywell maintains a highly sticky presence: Its China and Asia-Pacific headquarters is located in Shanghai’s Zhangjiang High-Tech Park; roughly 25% of its global R&D personnel are based in China; and it consistently implements its 'East for East' strategy, deepening localized collaboration in energy transition and the C919 aircraft supply chain. II. The 'Asset Side' of ESG: How That AAA Rating Was Earned On April 30, 2026, MSCI awarded Honeywell its highest possible global ESG rating—AAA—with sub-scores of E 5.66, S 4.22, and G 7.46. Breaking it down: Environmental (E): Turning 'helping customers reduce emissions' into revenue. For several consecutive years, Honeywell has allocated over 60% of its R&D budget to sustainability-oriented solutions—and sustainability-oriented product revenue likewise accounts for over 60% of total revenue.

Perimeter Solutions Moves Headquarters from St. Louis to Charlotte as Part of Rebrand

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Public company Perimeter Solutions is relocating its headquarters from St. Louis to Charlotte as part of a rebrand reflecting expansion beyond traditional fire-retardant business into broader industrial products and services.

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