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US firm sees solid growth
By Jin Jing |
February 21, 2011, Monday
|
Print Edition
Print Edition
MULTINATIONAL giant Honeywell International Inc expects its China business to grow by double digits in the next five years as it taps the benefits from the country's massive projects on energy efficiency and environment protection.
Last year, Honeywell's revenue in China rose 10 percent to US$1.5 billion, according to Shane Tedjarati, president and chief executive officer of the China and India markets. He expects another 11 to 16 percent growth for the China market this year.
"China is not like other emerging markets, it's already emerged," Tedjarati said.
Although China still accounted for a small part of the firm's global revenue of US$33.4 billion last year, its growth outpaced the increase for the United States and Europe.
Calling China "a unique market," Tedjarati said the United States company will continue to invest in the country.
He said the company's four business areas, including aerospace, automation control, transport and specialty materials, will grow as China increasingly takes part in improving security and energy efficiency globally.
Last year, Honeywell signed letters of intent to supply China's first domestically built 150-seat C919 jet. It recently teamed up with China's white appliance giant Haier Group to jointly develop eco-friendly products. Over 50 percent of Honeywell's products are related to energy efficiency.
In 2004, Honeywell set up its global research and development center in Shanghai to design products tailor-made for Chinese customers.
Last year, Honeywell's revenue in China rose 10 percent to US$1.5 billion, according to Shane Tedjarati, president and chief executive officer of the China and India markets. He expects another 11 to 16 percent growth for the China market this year.
"China is not like other emerging markets, it's already emerged," Tedjarati said.
Although China still accounted for a small part of the firm's global revenue of US$33.4 billion last year, its growth outpaced the increase for the United States and Europe.
Calling China "a unique market," Tedjarati said the United States company will continue to invest in the country.
He said the company's four business areas, including aerospace, automation control, transport and specialty materials, will grow as China increasingly takes part in improving security and energy efficiency globally.
Last year, Honeywell signed letters of intent to supply China's first domestically built 150-seat C919 jet. It recently teamed up with China's white appliance giant Haier Group to jointly develop eco-friendly products. Over 50 percent of Honeywell's products are related to energy efficiency.
In 2004, Honeywell set up its global research and development center in Shanghai to design products tailor-made for Chinese customers.
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