Beijing, June 19: Honeywell International Inc, a diversified global technology and manufacturing leader, has announced 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 in east China, according to a press release from the multinational, one of the world's top 500 companies.
The multinational has invested more than USD 500 million in China with 22 solely-funded or joint ventures on the mainland.
President of Honeywell in China, Francis Yuen, yesterday said the company predicted its business in China would grow at double digit rates 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, he said.
Honeywell reported a total sales volume of USD 22.3 billion in 2002 and it ranks 195th on the world's top 500 companies. Bureau Report