Honeywell‘s top executive for its defense and space unit said Monday the company is ready for the impending cuts to U.S. defense spending, the Wall Street Journal reports.
According to Doug Cameron’s report, Mike Madsen told investors the company is not fighting against those cuts.
Cameron reports Honeywell expects 80 percent of the cuts under sequestration will happen, with most effects not being felt until 2014.
Sequestration would see $500 billion cut from military spending over the next decade, doubling the existing $500 billion cut required under the Budget Control Act.
According to the Journal, most large defense contractors expect lawmakers to reach a compromise on sequestration.
Honeywell CEO Dave Cote is among several executives President Barack Obama has spoken with on fiscal legislation and Cote attended a White House summit last week, Cameron writes.