US firm Eaton Corp bids for Senyuan
By Wang Xu (China Daily)
Updated: 2006-08-24 09:06 Eaton now has 18 joint ventures and wholly owned subsidiaries in China,
manufacturing products ranging from electrical power distribution and control
equipment to engine parts and hydraulic and fluid power systems.
"Although China's contribution to our global business still remains
small, we have been growing very fast here," said Victor Gao, president of Eaton
(China) Investment Co Ltd.
The US company is expecting to maintain
double-digit growth in China this year and will keep an eye on any possible
acquisitions to further tap demand in the electrical product market.
In
2005, Eaton established a joint venture with Zhongshan Mingyang Electrical
Applicances Co Ltd, a switchgear components maker in South China's Guangdong
Province.
Eaton had invested US$90 million in China by the end of 2005
and had more than 1.3 billion in sales in the nation.
In 2004, it moved
its Asia headquarters from Hong Kong to Shanghai to better tap opportunities in
the market.
The US company operates in more than 125 countries and
reported US$11.1 billion in global sales in 2006.
China's economy has
been expanding rapidly over recent years, with hefty investment in fixed assets
like roads and ports contributing a great deal to the growth.
Meanwhile,
surging demand is also luring international giants like German-based ABB and US
General Electric into the nation's electrical equipment market.
ABB said
earlier this year it would invest US$100 million in China before 2008 and the
nation is now its second-largest market in the world.
 | 1 | 2 |
(For more biz stories, please visit Industry Updates)
|
