Broader Focus On High Growth Regions Important To Honeywell's Strategic Plan
SHANGHAI, China, January 4, 2012 - NYSE: HON) announced that Shane Tedjarati was named to the broader role of President, High Growth Regions and Stephen Shang will take over as President, Honeywell China, effective immediately. Tedjarati will continue to report directly to Honeywell Chairman and CEO Dave Cote. Shang will report to Tedjarati.
"Globalization has been a key pillar of our Growth
Initiative for the past decade," said Dave Cote, Honeywell
Chairman and CEO. "Ten years ago, less than 40% of
our sales were generated outside the U.S. Today, our
company is twice the size, and approximately 55% of our
revenues are generated outside the U.S. We began
executing this strategy by focusing on the two most
important emerging markets - China and India. That
strategy has proven to be a good one. We have grown
nearly ten-fold in revenues and now have nearly 25,000
employees in China and India, representing a significant
share of our global growth story."
"The success story we have created in China and India, as
well as the product and innovation platforms we have
systematically built through our East-for-East and
East-to-West strategies in these markets will be a great
blueprint to emulate in the rest of the emerging regions of
the world - more aptly called high growth regions,"
continued Cote. "These regions will drive nearly 70% of the
world's GDP growth over the next decade and are now well
positioned to deliver significant growth for Honeywell as
well."
Since joining Honeywell in 2004, Tedjarati has been
instrumental in engineering Honeywell's success story in
China and India, both of which have seen a 21% annual
compound growth rate from 2004 through 2011. Going
forward he will work closely with business and functional
leaders throughout the company to create effective
go-to-market strategies in each of the major regions of the
world: Asia, Africa, Latin America, the Middle East,
and Eastern Europe. Tedjarati's unique experience and
track record in growing businesses and relationships in
high growth regions will be critical as Honeywell looks to
establish itself in these key markets.
Shang joined Honeywell in 2005 to help drive growth in
China and Asia. Under Shang's leadership, Honeywell's
Environmental and Combustion Controls business in the
region has grown four-fold, made possible through rigorous
localization and local innovation efforts, as well as
acquiring and integrating Lonon, a terrific local
electronic lighting business. Shang also launched
Honeywell's first home-grown Chinese business in LED
lighting and achieved significant successes among blue chip
clients worldwide. A seasoned executive with well
over 30 years of experience in China and throughout the
Asia-Pacific region, he will now focus his energy and
expertise on driving Honeywell's core growth strategies in
China - a country that will continue to remain in the
forefront of the high growth regions of the world. In
addition to his new role as President, Honeywell China,
Shang will continue to serve as Vice President and General
Manager for Environmental and Combustion Controls (ECC),
Asia Pacific, until a replacement is named.
"Shane and Stephen have my full support as they assume
their new responsibilities," concluded Cote. "I look
forward to working with them both as they drive greater
value for Honeywell."
) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; automotive products; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit .
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.
Media Contact:
Claire Jin
021-22196515
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