Honeywell Affirms Its Commitment To Partnership And Growth With Thailand
March 15, 2018
Bangkok, Thailand, March 13, 2018 — Honeywell (NYSE: HON) today reiterated its ‘Power of Connected’-driven investment and business expansion plans in Thailand, committed to strengthening its partnership with Thailand business, industry and government.
As a premier software-industrial company, Honeywell is well positioned to contribute to the government’s “Thailand 4.0” vision, which focuses on transforming Thailand into a value-based and innovation-driven digital economy. Honeywell’s strong industrial heritage gives it the unique ability to blend physical products with software to make its solutions more connected, efficient and productive. About half of Honeywell’s 23,000 engineers globally are software engineers and the company expects approximately 60 percent of its growth over the next five years will be connected to software.
“Thailand is a key strategic market among our High Growth Regions, which benefits from having ambitious industrial sectors that embrace innovation. We expect our growth rate in this market to be well above Thailand’s GDP growth over the next five years,” said Shane Tedjarati, president of Honeywell Global High Growth Regions. “Whether our customers are running petro-chemical plants, aircraft fleets, or skyscrapers, their operations are generating vast quantities of data that has untapped customer value locked within it. Our technologies help customers extract that value and, in doing so, enable them to make better informed decisions that improve the safety, security, efficiency, and productivity of their operations.”
For more than two decades, Honeywell has grown along with Thailand industry, enhancing its infrastructure network and supporting its economic development. Honeywell maintains a strong leadership position in providing high-quality home and building technologies, safety and productivity solutions, performance material technologies and aerospace products and systems to local customers as Thailand continues to develop a smarter, safer and more sustainable society.
“We believe Thailand offers tremendous growth potential due to its favorable demographics and alignment with Honeywell’s portfolio and global macro trends such as the significant rise in middle class, rapid urbanization, growing demand for green and efficient energy, safety and security, and digitization. Recent trade data has been largely positive and per the National Economic and Social Development Board (NESDB), Thailand’s GDP grew by 4% in the last quarter of 2017 and should keep rising this year,” said Mai Trang Thanh, president of Honeywell Indochina. “We are very excited to be here and we are fully committed to contributing towards advancing Thailand’s economic and social growth.”
Most recently, Honeywell has been contributing to Thailand’s macro development progress with innovative products and technologies:
• Tesco Lotus, a leading supermarket retailer in Thailand and part of Tesco Group, began converting 900 Tesco Lotus Express stores to Honeywell’s Solstice® N40 refrigerant to voluntarily reduce carbon emissions. By converting all of its 1,500 Express stores in Thailand over the next two years to Honeywell’s Solstice N40 (R-448A), the retail giant aims to achieve energy savings of up to 10 percent, equal to removing more than 67,000 cars from the road.
• Honeywell supplies auxiliary power units (APUs), mechanical and avionics, wheel & brake products and aftermarket services including retrofits, mods and upgrades on all aircraft fleet types to Thai Airways, Bangkok Airways, Nokscoot, NokAir and other airlines and MRO based in Thailand.
• Honeywell helps large real estate owners in Thailand develop integrated building solutions to enhance their operational efficiencies and improve their tenant experience. Honeywell also works on some key government infrastructure projects by providing innovative building technology solutions to make it right and fast.
Honeywell (www.honeywell.com/us/en) is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally. Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/us/en/news.