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Eaton Corp plans to double China revenue by the end of 2015

(China Daily)

09:56, August 12, 2011

SHANGHAI - The US diversified industrial manufacturer Eaton Corp has set a goal of achieving $2 billion revenue in China by the end of 2015, doubling its 2010 revenue in the country, according to Alexander Cutler, chairman and CEO on Thursday.

Eaton registered sales of $4.09 billion in the second quarter, a rise of 21 percent from the same period in 2010. "Among the 55 percent of sales (generated) outside the United States, 26 percent comes from emerging nations including China," said Cutler, during a group interview in Shanghai on Thursday.

Eaton had global revenue of $13.7 billion in 2010, with the Chinese market contributing 7.3 percent.

"China has become a key driver of Eaton's global growth," said Cutler. He added that the company is seeking further growth in the Chinese market by undertaking major infrastructure projects related to the electrical, hydraulics, vehicle and aerospace sectors.

During the period of the 12th Five-Year Plan (2011-2015), China will develop six strategic pillar industries such as energy conservation, environmental protection, and industrial upgrading, in which Eaton will play a supporting role.

"We are well-positioned to support China's strategic plan by providing innovative and sustainable energy-management solutions for our customers. We see opportunities to expand our investment in the region, which will help foster the development of China's economy," said Cutler.

Founded a century ago, the company is expanding its presence in various sectors across China. Its vehicle group has invested in a new engine-valve production facility in Jining, Shandong province, which will begin production next month.

Meanwhile, medium voltage assembly equipment for Beijing's subway line 6 - currently the longest line in the Chinese capital - will be supplied by Eaton, according to Cutler.

In June, the US company became the first foreign concern to enter into a joint venture with the Commercial Aircraft Corp of China (COMAC). The link-up between Eaton and COMAC's subsidiary Shanghai Aircraft Manufacturing Co Ltd will focus on the design, development and manufacture of fuel and hydraulic-conveyance systems for COMAC's C919 aircraft.

Future plans include supplying conveyance systems to other aircraft and engine manufacturers in China and around the world.

In June, Jin Zhuanglong, COMAC's general manager, said that the design phase of the C919 - the first Chinese-made trunk-line passenger aircraft - will be concluded by the end of 2012 and the plane's maiden flight will take place in late 2014 before it is delivered to buyers in 2016.

According to Jin, COMAC has so far received more than 100 orders for the C919. Once in service, the aircraft, China's equivalent of Boeing Co's 737 and the 320 of Airbus SAS, is expected to lower the country's reliance on foreign aircraft makers.

Craig Arnold, Eaton's deputy chairman and chief operating officer of the corporation's industrial sector, said COMAC expects global sales of the C919 to total 2,500.

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