The Waterford site makes titanium and stainless-steel compressor blades and vanes for engines that are used on aircraft from military helicopters to business jets.
Turnover at the Irish arm rose to €20.7m in 2024 from €14.3m a year earlier. It ended 2024 with a retained loss of €51.1m, and with €16.9m in shareholder funds.
The Honeywell operation in Ireland employs about 45 direct employees at Waterford and has a further 32 indirect staff.
The facility manufactures blades for T55, TFE731 and HTF7000 engines, for delivery to Phoenix, Arizona and Greer, South Carolina.
The T55 engine is used on aircraft including the CH-47 Chinook heavy-lift helicopter, with more than 1,000 such helicopters currently operated around the world using it.
The TFE731 and HTF7000 engines are typically used on business jets made by manufacturers such as Gulfstream and Cessna.
“The directors intend that the company will continue to manufacture compressor blades, vanes and fan blades for jet aircraft engines and auxiliary power units for fellow Honeywell group companies for the foreseeable future,” note the accounts for Honeywell Aerospace Ireland.
The directors noted that the increased turnover seen by the Irish unit in 2024 was as a result of higher demand, especially for blades for HTF engines.
The company also notes that the cost of raw materials is a key element of the overall cost of Honeywell Aerospace’s products. Those raw materials range from copper, aluminium and molybdenum, to nickel and titanium.
Last year, Honeywell announced plans to separate its automation and aerospace technologies divisions into two independent, separately-listed businesses.
That separation is intended to be complete by the second half of this year.
Honeywell said the planned separation, coupled with a previously announced plan to spin off its advanced materials unit, will result in three publicly-listed industry leaders with distinct strategies and growth drivers.
“As aerospace prepares for unprecedented demand in the years ahead across both commercial and defence markets, now is the right time for the business to begin its own journey as a standalone, public company,” said Honeywell chairman and CEO Vimal Kapur.
In October, Honeywell raised its full-year outlook for 2025 and reported third-quarter earnings that topped expectations.
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