Diversified US manufacturer Honeywell opened a new research and development (R&D) center and Asia-Pacific headquarters in the Zhangjiang High-Tech Park in Pudong of Shanghai.
"As our second R&D center outside United States, what differs this center from the other is that this center serves all of our business and development around the world," said Nance Dicciani, president and CEO of Specialty Materials, Honeywell.
"It is also a move to consolidate our synergies in the Asia-Pacific region."
Honeywell values two elements when locating facilities -- close proximity to raw materials and customers, "and China has both of them," Dicciani said at the opening ceremony on Thursday.
This new complex gathers an investment of nearly US$80 million and occupies some 15,000 square meters, said Shane Tedjarati, president of Honeywell China.
"It also houses the Asia-Pacific headquarters for three of Honeywell's strategic business groups -- Automation & Control Solutions, Specialty Materials and Transportation Systems," said Tedjarati.
"This opening is a major milestone, marking a further expansion of our commitment to China."
Honeywell began trading in China in 1935. Over the years, Honeywell has established more than 20 joint ventures and wholly owned companies in China, along with 29 facilities and employs approximately 4,000 people in 13 Chinese cities.
"Those figures grow every month. In Shanghai alone, we now have nine facilities and 1,200 employees," Tedjarati said.
Honeywell now boasts annual revenues of approximately US$500 million in China, "and it grows at a double-digit speed every year," he said. The overall sales revenue of Honeywell is expected to amount to approximately US$25 billion this year, according to company sources.
In 2003, Honeywell moved its Asia-Pacific corporate headquarters to Shanghai, and relocated yesterday from the city's Puxi area.
After signing a supply agreement with China's Haier Group early this year for refrigeration equipment, Honeywell began the construction of a new manufacturing plant for such products last month.
"Honeywell is seeking more cooperation with local companies," said James Yuann, president of Honeywell Specialty Materials Asia-Pacific.
"We are currently negotiating co-operations with several State-owned manufacturers."
(China Daily November 22, 2004)
