Honeywell International (HON) is one of those quiet conglomerates that doesn't get a ton of respect, or calls much attention to itself. But year in and year out, the company creates an amazing amount of value throughout the entire food chain of industry -- its four main segments include: Aerospace, Automation and Control Solutions, Specialty Materials and Transportation Systems. Through these businesses, Honeywell creates innovative control technologies for commercial and residential buildings; new parts for automobiles; avionics and frames for commercial jets; cooling systems for power generation plants; and proprietary chemicals, fibers and plastics.

Based in Phoenix, Arizona, Honeywell had sales of $31.4 billion in 2006, and it currently employs 120,000 people in more than 100 countries at its manufacturing and service centers. You may have seen its brand name on the thermostat in your home or office, as those products are what Honeywell is most easily recognized for. But what you probably didn't realize is that it has a profound influence on the aerospace and space industry as well, providing technology, engines and service solutions for aircraft.

The most important recent aviation business at Honeywell was announced last month: The company won a gigantic $16 billion contract from Airbus to provide the major mechanical systems for the new long-range, wide-body A350 aircraft. That money will come over the next 20 years, with first deliveries expected in 2013. Honeywell will design and build the auxiliary power unit for the A350, as well as cabin heating and cooling and pressurization. Also, analysts believe that Airbus will dole out the plane's avionics and cockpit contracts by yearend, and Honeywell is among the candidates for that plum assignment as well. All in all, the company so far is expecting to have at least $1.4 million worth of content on board each A350. Since there are firm orders for 254 planes so far, this is definitely a good chunk of its business.

The outlook for Honeywell is sweet -- the company has grown earnings at a remarkable 15%-plus annually over the past five years. And as Honeywell shares are currently performing well, especially in comparison with other stocks on the Dow Jones Industrials, they are expected to fly much higher in the coming months.