Agreement will strengthen ties with local businesses and contribute to industrial upgradingin northern China
Langfang, Hebei Province,
China May 19, 2014 Honeywell China (NYSE:HON) and Hebei province's Development and Reform Commission today signed a framework agreement for strategic cooperation on energy conservation and environmental protection. The agreement will reinforce the ties between Honeywell and local companies in Hebei in the areas of smart grid, energy efficiency, green buildings, renewable energy and chemical processing solutions.
The deal is part of Honeywell's continuous efforts to help China balance the country's goal of conserving environmental sustainability while also driving economic development. It also helps promote regional cooperation in green industries and contributes to the country's sustainable urbanization.
Under the agreement, Honeywell intends to use its abundant expertise and experience to help tackle the challenges that Hebei province faces in its ongoing industrial restructuring. Nearly 50% of Honeywell's portfolio is dedicated to energy efficient products and services. From programmable thermostats and energy management systems to turbochargers and green fuels to industrial controls and lighter aircraft components, Honeywell technologies help reduce energy demand around the world. Initial focus for this the agreement with Hebei province will be smart grid demand response platforms, Methanol-To-Olefin (MTO) and Propane Dehydrogenation (PDH) projects, as well as new materials and renewable energy.
Located in northern China's Beijing-Tianjin and Bohai Rim economic circle, Hebei province boasts its favorable location and abundant natural resources. Due to its status as a hub for heavy industry in northern China, however, the province has to contend with considerable air pollution and other environmental challenges. With increasing public concern over the environmental issues, economic restructuring has become a key priority for the Hebei provincial government.
"We are glad to see Hebei province's determination to curb pollution and improve the environment through a series of measures and policies," said Stephen Shang, President and CEO, Honeywell China. "We believe that thisagreement will pave the way for us to take our collaboration with Hebei businesses to a new level.We aim to make a significant and valuable contribution to supporting Hebei's economic transformation through our advanced technologies around smart grid demand response, bio-fuels and industrial process efficiency."
"Honeywell has substantial experience in energy efficiency and clean energy generation," said Chen Yongjiu, Director of Hebei Development and Reform Commission. "We are pleased to be working with Honeywell and we look forward to reaping the benefits of their innovative technologies, state-of-the-art products and environmental management expertise. All of these will help us accelerate the industrial restructuring and the transition to a greener and more sustainable development."
In recent years, Honeywell has been supporting Hebei province's bid to improve energy efficiency and reduce pollution. One example is Honeywell's deal to provide Great Wall Motor, an automotive company based in Baoding, Hebei Province, with HFO-1234yf for vehicle air conditioning systems to reduce greenhouse gas emissions. In addition, Honeywell works with local partners to provide advanced sensors for air quality monitors across the province and have taken part in a few energy-efficiency retrofit projects in Hebei.
Honeywell(www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. Honeywell has a long history in China that goes back to 1935 when it established the first franchise in Shanghai. Today, all of Honeywell's four Strategic Business Groups are represented in China, and all of them have relocated their Asia Pacific headquarters to China. Over the years, Honeywell has set up subsidiaries and joint ventures in over 20 cities across the country. Honeywell employs approximately 12,000 people in China. For more news and information on Honeywell, please visit www.honeywell.com.cn.
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