Honeywell's revenue grows by double digits in 2017

Honeywell's revenue in China grew by double digits last year as the US-based multinational rode on the nation's environmental protection and industrial upgrading efforts.

China contributed above 20 percent to its global sales growth over past years, said Lydia Lu, vice president of communications for Asia High Growth Region, who didn’t reveal specific figures.

Its main business sectors of aerospace, smart buildings and household applications, specialty materials and safety “all posted double digit growth” in China last year, said William Yu, vice president for Honeywell’s performance materials and technologies for Asia Pacific. 

Yu attributed the revenue growth to "the nation’s environmental protection and industrial upgrading efforts.”

He said that Honeywell's local research group is working on a thermal oxidizer which can control air pollution control in chemical and pharmacy plants. The product, which aims to meet China’s tightening emission rules, is set to be released this year, he added.

Honeywell also aims to tap China’s industrial upgrading efforts when it set up a unit specializing in smart manufacturing solutions last year and software development. The company predicts that 60 percent of its growth in the next five years will come from software-related business as it hopes to fully tap the “Made in China 2025” smart manufacturing scheme, it told Shanghai Daily.