Firm bets on China's building business
Source: Bloomberg News |
February 5, 2013, Tuesday
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Print Edition
Print Edition
UNITED Technologies Corp expects Asian sales will increase 7 percent to 8 percent in the next decade as construction of skyscrapers in China boosts demand for elevators and air conditioners.
Growth in the US may be 2 percent to 3 percent and little-changed in Europe, Chairman and CEO Louis Chenevert, 55, said in Singapore yesterday. Developing countries account for about 20 percent of Connecticut-based United Technologies' sales, he said.
Almost 60 percent of all the new tall buildings in the world are going to be in China, and that will stoke demand at United Technologies businesses such as Carrier air conditioners and Otis elevators, Chenevert said. The company's Pratt & Whitney unit is building a plant to make fan blades and turbine disks for plane engines in Singapore as Asia's economic growth enables more people to fly and boosts the need for new aircraft.
"We see a lot of continued growth momentum," Chenevert said. "You have to be where the growth is."
Otis opened a new plant in Chongqing in September, boosting its presence in China which makes up about half of global elevator sales. Its orders from China for elevators and chilling systems may grow in "high single digit" this year, he said.
China's orders for Otis, the parent firm's third-biggest business by sales, grew 17 percent in the fourth quarter.
Growth in the US may be 2 percent to 3 percent and little-changed in Europe, Chairman and CEO Louis Chenevert, 55, said in Singapore yesterday. Developing countries account for about 20 percent of Connecticut-based United Technologies' sales, he said.
Almost 60 percent of all the new tall buildings in the world are going to be in China, and that will stoke demand at United Technologies businesses such as Carrier air conditioners and Otis elevators, Chenevert said. The company's Pratt & Whitney unit is building a plant to make fan blades and turbine disks for plane engines in Singapore as Asia's economic growth enables more people to fly and boosts the need for new aircraft.
"We see a lot of continued growth momentum," Chenevert said. "You have to be where the growth is."
Otis opened a new plant in Chongqing in September, boosting its presence in China which makes up about half of global elevator sales. Its orders from China for elevators and chilling systems may grow in "high single digit" this year, he said.
China's orders for Otis, the parent firm's third-biggest business by sales, grew 17 percent in the fourth quarter.
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