Financial Daily from THE HINDU group of publications
Tuesday, May 13, 2003
Financial Daily from THE HINDU group of publications Tuesday, May 13, 2003 |
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Corporate
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New Projects Honeywell keen on expansion Our Bureau
NEW DELHI, May 12 THE Chief Executive Officer, Honeywell, Mr David M Cote, has said that his company has a vision to expand their current $75 million business in India. "I firmly believe that Honeywell must take advantage of the benefits of doing business in high opportunity markets, which provide us with significant opportunities to source and manufacture our products as well as develop new technologies and market our products and services to new customers," Mr Cote said. Addressing captains of industry, Mr Cote said that the biggest challenge is growth, in an environment of mediocre global economy. Speaking on Honeywell's challenges, he said that their aerospace business has been affected by both airline and commercial manufacturers. The automation and controls solution business is currently dealing with weakness in capital spending and industrial production and the speciality materials business has been affected by raw material costs, he added. Despite these challenges, the Honeywell CEO was happy that business had performed well, partly due to the productivity culture in the company. He added that Honeywell had identified five areas of growth including good positions in good industries, taking advantage of favourable macro trends, implementing unique technology, ensuring a strong balance sheet and addressing issues on right people, culture and process.
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