Briand Greer, president of Honeywell Southeast Asia, said yesterday that the company had invested heavily in Thailand on human and other resources to help it get a better understanding of the market and to continue expanding its market share.
Last year, its aggregate sales for Thailand, Malaysia and the Philippines ran at about half a billion US dollars.
Thailand is one of the countries and regions that the company identifies as high-growth. Others are Turkey, Central Asia, the Middle East, Indonesia, Mexico, Brazil, Malaysia, the Philippines and Africa.
They all have experienced rapid urbanisation, a significant rise in the middle class, growing demand for energy and huge investment in infrastructure.
All of these represent foundations for Honeywell’s growth.
Over the past decade, the company has tripled revenue in the high-growth regions from US$3 billion (Bt105 billion) in 2005 to $9 billion last year.
During the next five years, these high-growth regions are expected to contribute more than 60 per cent of its global growth, up from the present 55 per cent.
According to the company’s five-year business plan for Thailand, it will focus more on increasing investments in human resources and introducing more products and services that fit well with the market’s needs, Greer said.
Honeywell provides worldwide customers with a wide range of products, such as aerospace products and services; control technologies for buildings, homes and industry; and performance materials.
The company has three subsidiaries here – Honeywell Systems (Thailand), Honeywell Electronic Materials (Thailand) and Honeywell Holdings Thailand.