Leading technology and manufacturing firm Honeywell yesterday announced it will move its Singapore-based Asia-Pacific corporate headquarters to Shanghai immediately as an essential part of its business strategy to capitalize on growth opportunities in China.
The move was made after an investigation of the markets in Tokyo, Beijing and Shanghai, said Francis Yuen, chairman and president of Honeywell in China.
Yuen, who also takes charge of the Asia-Pacific business, added: "China is the next growth frontier for Honeywell."
He said this move will enable the company to draw from a larger pool of talent. It will also create more suppliers and partners to support its growth initiatives.
In a related development, Honeywell entered into an agreement with the Pudong New Area government in Shanghai yesterday to locate its headquarters within the Zhangjiang High-Tech Park.
This space will also house Honeywell's Asia-Pacific research and development center, the only one in the region. The centre will cost an initial investment of US$17 million.
"But the investment will surely be augmented within five years as its research projects increase," he said, adding that its first focus will be placed on automation.
Honeywell has invested more than US$500 million in China over the past years. The investment will be increased in the next five years, he said.
But Yuen did not reveal how much money will be spent on the projects over the next few years.
(China Daily June 19, 2003)
