Honeywell: Malaysia Among Key High-Growth Areas In Asia Pacific

By Massita Ahmad SINGAPORE, March 26 (Bernama) -- Asia Pacific is a key region that offers untapped opportunities for continued growth and US-based Honeywell has identified Malaysia as one of its key high-growth areas. "One area that we are optimistic of is the growth of maintenance, repair and overhaul (MRO) market in Malaysia and the region," said Honeywell Aerospace's president, Asia Pacific, Steve Lien in an email interview with Bernama. Honeywell Aerospace is a division of the Honeywell International conglomerate. Citing Cavok Group, Lien said the MRO market is forecast to be worth US$34.8 billion (US$1=RM4) in the Asia Pacific region in 2025, compared to US$21.3 billion in North America, and US$24.9 billion in Europe. "The growth in the region bodes well for Malaysia," he said. Honeywell realised that Malaysia is currently focusing on growing the aviation MRO and pure-play engineering services. In support of this growth, Lien said Honeywell became the first global company to join Malaysia's Principal Hub initiative. Under this initiative, Lien said Honeywell would be able to better allocate resources to support business expansion plans in Malaysia and the region, and "we are very excited to be part of the initiative." According to Malaysian Investment Development Authority (MIDA), Honeywell's operations in Malaysia started in 1985. Today, it employs over 1,450 employees in six cities across Malaysia including Kuala Lumpur, Petaling Jaya, Shah Alam, Penang, Kemaman and Johor Baharu. Honeywell's technologies and solutions have been supporting Malaysia in its development of a safer, more secure and energy efficient society. Today, three of Honeywell's business groups are operating in Malaysia. Honeywell Aerospace operates out of a 220,000-square-foot facility in Penang that officially opened in January 2009. The Malaysian state Penang facility produces integrated avionics systems for commercial, business and general aviation and military aircraft. "We are optimistic and confident of our involvement in the Malaysian market and will continue to work closely with our customers and partners to support its growth, as the country further develops and promotes its aerospace industry," Lien said. Honeywell, a Fortune 100 diversified technology and manufacturing leader, has served the region with its state-of-the-art technologies and solutions in aerospace, buildings, homes and industry, automobile, as well as oil and gas. It is headquartered in Phoenix, Arizona. -- BERNAMA