Winning Best Innovation Practice Award for the Second Consecutive Year
June 01, 2017
For the second consecutive year, China's elite business media - China Business Network (CBN) - has honored Honeywell with the “2017 Yicai Best Innovation Practice” Award at Yicai Tech & Innovation Conference held in Shanghai on May 17-19. This year, the “Yicai Best Innovation Practice” Award was judged and selected by CBN and third party professional institutions, paying special attention to technological innovation. The award is different from the previous focus of local innovation in China and attaches much more importance to reverse and collaborative innovation. This difference marks the strategic transformation of top multinational companies from “innovation for China” to “innovation in China”, and then to “innovation with China”, which has become a priority of top multinational companies in order to remain competitive.“Innovation has always been a driving force of Honeywell's sustainable development and business growth. Rather than simply introducing Western products to China, Honeywell has been committed to local innovations. Currently, Honeywell's R&D center in China has more than 2600 engineers, accounting for more than 20% of the employees in China. From 2007 to the end of 2016, Honeywell has generated more than 800 patents and patent applications, with nearly 30% of the sales revenues coming from 'East for East' portfolio,” said CBN in the award announcement.“I am very pleased that Honeywell is recognized by our local innovation efforts in the China market,” said Stephen Shang, President and CEO of Honeywell China. “Honeywell implemented the long term ‚ÄòEast for East' strategy in China. By serving local demand, following the macro trends and meeting China-specific challenges, Honeywell continues to make innovations in the field of energy efficiency, smart buildings, safety and security, air and water, etc. Meanwhile, we are also actively promoting the ‚ÄòEast to Rest' and ‚ÄòFollow the Growth' strategy in China to deliver more energy-saving, more environmentally-friendly, cost-effective and innovative solutions to the global marketplace, especially in high growth, emerging markets. This is also very aligned with the current ‚ÄòOne Belt One Road' Initiative in China.”In 2004, Honeywell strategically moved its Asia Pacific headquarters to China, followed by the establishment of the China R&D center in Zhanjiang Hi-Tech Park in Pudong, Shanghai. Last year, Honeywell invested an additional $100 million to expand its headquarters and research center in Pudong, Shanghai. The completion of the new 10 story building will increase office and research space by about 50%, which will support our business growth and help attract top talent in China.