Eaton Corp. announced that it expects to meet a sales goal of $1 billion in China by the end of 2010. Alexander M. Cutler, chairman and chief executive officer, outlined the company’s blueprint for growth in China and detailed a series of major initiatives to utilize Eaton’s global expertise and capabilities to support China’s ongoing infrastructure development.
“Eaton is well on the track to meet our previously announced sales goal of $1 billion in China in 2010, despite the global economic recession that began in 2008,” Cutler said in remarks to Chinese media. “We anticipate that China’s economy will continue to grow faster than the rest of the world, and Eaton will continue its business expansion through both organic growth and acquisitions in this key developing market.”
Eaton began operations in China in 1993 through a joint venture agreement to manufacture steering control units and hydraulic motors in Jining, Shandong Province. Its presence has grown in China through acquisitions, joint ventures and wholly owned subsidiaries. Currently, Eaton employs a work force of 10,000 and has 27 operations and four research and development centers in China.
“The further expansion of Eaton’s production capability in China is another positive step forward in meeting our significant growth goals in the region,” Cutler says. “We see our participation in China first and foremost as an opportunity to support our customers in the fast-growing Chinese domestic economy. We are committed to increasing our research and development initiatives locally, as well as investing in our people and our communities in China.”
Eaton also announced its new Asia Pacific regional headquarters building in Shanghai has earned Gold Certification by the U.S. Green Building Council’s internationally recognized LEED program.
