Eaton Corporation, a diversified industrial product manufacturer, announced today that it will purchase a building at the Hongqiao Linkong Economic Park in Shanghai’s Changning District as the company’s new Asia Pacific headquarters. This important investment measure not only shows that Eaton is full of confidence in China’s economic development, but also shows that the company’s business in the Chinese market continues to grow rapidly.
Mr. Alexander M. Cutler, chairman and CEO of Eaton, attended the media meeting in Shanghai today. He said: “The continued growth of China's business is a very important part of Eaton’s global business development strategy. The new investment will further demonstrate Eaton’s long-term commitment to the Shanghai and China markets. We are committed to providing customers around the world with the products, innovations and technologies they are looking for and driving their business development.â€
"Despite the global financial crisis, we believe that infrastructure construction will continue to be a major strategic focus of China's economic development in the years to come," said Ke Renjie. “For companies like Eaton, an infrastructure construction industry, China is still full of exciting opportunities for growth. We are fully prepared to provide a wide range of power management technologies for growing market demand.â€
Eaton’s Asia Pacific headquarters moved from Hong Kong to Shanghai in 2004. The total investment in the new Asia Pacific headquarters building is approximately 10,000 square meters, which will greatly expand the company's existing office space and bring together employees from the Asia Pacific and China headquarters and the company's four business units. The new building will adopt environmental protection and energy-saving technologies and concepts for decoration and management. As one of Eaton’s recent investments in China, it will help companies to increase cost-effectiveness and integrate local operations.
The company recently completed two major global acquisitions of Germany's Muller Group and Taiwan's Feirui Co., and has enabled Eaton China to add more than 5,000 employees and six factories in the past year. Eaton entered the Chinese market in 1993 and currently has 27 factories and more than 11,000 employees in China. Benefiting from the continuous growth of mergers and acquisitions and its own business, Eaton’s sales in the Chinese market will double in 2008. The company also announced today that it will achieve the target of achieving a sales volume of over US$1 billion in the Chinese market in 2010 ahead of schedule.
Sustainability is one of the core factors for Eaton’s success. Its new headquarters in the Asia Pacific region, which uses energy-saving technologies and concepts, is a clear proof. At the same time, Eaton has developed a number of energy-saving and environmentally friendly products and technologies that are in a leading position in the market and are committed to meeting the growing demand for energy-saving and emission-reduction in the Chinese market.
Today, Eaton officially released its first "Eton China Sustainability Report" to introduce the company's achievements in this important area. The report demonstrated Eaton’s broad range of innovative, environmentally-friendly technologies, as well as cooperation and investment projects, to achieve sustainable development in the Chinese market.
Ke Renjie said: "We are very pleased to be able to publish the first sustainable development report in China. This reflects the company's concept of 'proper operation' and is also a corporate social responsibility and commitment to all the communities where we work and live."
As part of the company's China strategy, Eaton is also committed to providing industry-leading innovations to the local market. This week, Eaton’s Suzhou R&D Center held a grand opening ceremony for its new site. As one of the world's three R&D centers for Eaton’s business, the center expects to increase its R&D staff by 40% in the next two years.
Eaton Corporation is a diversified power management company with 2007 sales of $13 billion. Eaton is a global leader in many industries, including power quality, transmission and distribution and control systems; hydraulic power components, systems and services required for industrial equipment and mobile construction machinery; and fuel for commercial and military aerospace applications. Hydraulic and pneumatic systems; and power and transmission systems that help trucks and cars improve performance, fuel economy and safety. Eaton has 82,000 employees and its products are sold in more than 150 countries and regions.
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