U.S. industrial conglomerate Honeywell International Inc is planning to further accelerate its core business in China in the next 10 years, including digital economy, refinery and aerospace, to capitalize on its solid business foundation in the country during the last 15 years.
China has long been a second home for Honeywell and the company raked in revenue of $2.9 billion in 2017, a year-on-year growth of 25 percent, said Shane Tedjarati, president for Honeywell's Global High Growth Regions, which includes China.
"Honeywell has witnessed rapid development in China over the past decade and the country has become one of its largest markets outside the U.S. since 2013. Last year Honeywell achieved 25 percent year-on-year growth in China," said Tedjarati.
"Looking forward to the next decade, Honeywell's strategies are well aligned with China's national agenda, including digital economy, beautiful China, and so on."
Honeywell will also strive for more innovation in its core businesses, including petrochemicals, refineries and aerospace, he said in Beijing on Tuesday.
The U.S. firm moved its corporate headquarters for the Asia-Pacific to Shanghai from Singapore in 2003, as part of its business strategy to capitalize on growth opportunities across the region, one of the few to do so 15 years ago.
According to Tedjarati, the multinational has recently come up with a corporate plan called China 2030, which will adjust the company's future strategies and prepare itself to be part of the picture where China is going in the next decade, especially with respect to the digital economy.
Software, the Belt and Road Initiative and Chinese companies globalizing are all major elements of the company's outlook for future development in the country, he said.
"We help and globalize with Chinese partners, which means instead of just looking at the Chinese companies as competitors, we look at them as partners," he said.
Honeywell has appointed Shen Bin, former vice-president of corporate strategy and new business development at Verizon Communications, as president of Honeywell China in May.
Tedjarati said Shen's experience in the field of connectivity and digital economy would be a definite asset for the company as it accelerates toward becoming an industrial software leader in the China market.
"Honeywell has made a long-standing commitment to China, and we greatly value our presence here," said Tedjarati.
Honeywell China is now the single largest contributor to the company's growth. Its four strategic business groups are substantially present in China, with Shanghai serving as the company's Asia-Pacific headquarters.