Honeywell to Move Regional Headquarters from Singapore to Shanghai

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Last updated at: (Beijing Time) Thursday, June 19, 2003

Honeywell to Move Regional Headquarters from Singapore to Shanghai

Honeywell International Inc, a diversified global technology and manufacturing leader, announced on Wednesday plans to relocate its Asia-Pacific headquarters to Shanghai from Singapore.

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Honeywell International Inc, a diversified global technology and manufacturing leader, announced on Wednesday plans to relocate its Asia-Pacific headquarters to Shanghai from Singapore.

The headquarters is expected to be located in Zhangjiang Hi-Tech Park in Shanghai, according to a press release from the multinational, one of the world's top 500 companies.

Francis Yuen, president of Honeywell in China, said that the company predicted its business in China would grow at double digitrates in the next few years.

China's good infrastructure and human resources as well as its huge market are behind the reasons for the relocation.

Honeywell reported a total sales volume of 22.3 billion US dollars in 2002, and it ranks the 195th on the world's top 500 companies.

The multinational has invested more than 500 million US dollarsin China with 22 solely-funded or joint ventures on the Chinese mainland.

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