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Tyco plans ambitious US$10b investment
By Zhu Shenshen |
October 16, 2010, Saturday
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Print Edition
Print Edition
TYCO Electronics' plan to invest US$10 billion in China until 2015 will include tripling the size of China's research and development team, expanding sales network and acquiring raw materials.
The United States-based firm expects to double its Chinese sales to US$4 billion in 2015, thanks to the booming automobile and consumer electronics industry, Tom Lynch, chief executive of Tyco Electronics, said yesterday.
China's car sales, which surpassed the US to become the world's biggest last year, are set to hit 17 million units this year, up from 13.6 million units last year. Sales are envisaged to hit 40 million units in 2020, according to the China Association of Automobile Manufacturers.
Tyco, whose partners include Mercedes-Benz and Chinese auto makers BYD and Chery, plans also to drive into the new energy car sector.
The world's largest electronic components maker expects income of US$1.9 billion in fiscal year 2010 ended September after hitting US$1.4 billion, or 14 percent of the global revenue, up 2 percentage points from the previous year, in fiscal year 2009.
To tap the domestic market the firm has moved its global consumer electronics and home appliances headquarters to Shanghai, said Lynch.
Tyco, which also aims to triple its more than 400 research engineers in China now by 2015, provides connectors and electronics components for the automotive, telecom, consumer electronics, industrial and medical sectors.
The United States-based firm expects to double its Chinese sales to US$4 billion in 2015, thanks to the booming automobile and consumer electronics industry, Tom Lynch, chief executive of Tyco Electronics, said yesterday.
China's car sales, which surpassed the US to become the world's biggest last year, are set to hit 17 million units this year, up from 13.6 million units last year. Sales are envisaged to hit 40 million units in 2020, according to the China Association of Automobile Manufacturers.
Tyco, whose partners include Mercedes-Benz and Chinese auto makers BYD and Chery, plans also to drive into the new energy car sector.
The world's largest electronic components maker expects income of US$1.9 billion in fiscal year 2010 ended September after hitting US$1.4 billion, or 14 percent of the global revenue, up 2 percentage points from the previous year, in fiscal year 2009.
To tap the domestic market the firm has moved its global consumer electronics and home appliances headquarters to Shanghai, said Lynch.
Tyco, which also aims to triple its more than 400 research engineers in China now by 2015, provides connectors and electronics components for the automotive, telecom, consumer electronics, industrial and medical sectors.
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