Ruichang Petrochemical Equipment and Honeywell Deep Cooperation
Honeywell and Ruichang Petrochemical Equipment Co., Ltd. announced today that they have signed an agreement to establish cooperative companies in China to provide more energy-saving and environmentally friendly combustion equipment and solutions for the refining and petrochemical industries in China. The new company will be included in Ruichang’s current business, and Honeywell holds a majority stake in the new company. The relevant procedures are currently pending approval by the government authorities.
The new company will be located in Luoyang City, Henan Province and is expected to be completed by the end of the third quarter of 2012 and put into operation at the end of the year. The new company is responsible for the design and production of industry-leading environmentally friendly burners, torches, incinerators, sulfur recovery units and fluid catalytic cracking process related products. These technologies and solutions are widely used in the petrochemical and refining industries and are expected to have a market size of approximately RMB 1 billion. Environmentally friendly combustion technology can help industrial customers improve energy efficiency and significantly reduce waste and nitrogen oxide (NOx) emissions to meet China's stringent emission standards. As China shifts to a more green and sustainable development economy, the government's standards for industrial emissions are constantly increasing.
The new company also plans to build a world-class burner test R&D center in Luoyang, develop innovative combustion control technologies, and provide testing services for burner products to push them to market faster. The R&D center will become the largest R&D center in Asia among its peers, and it will also be the first burner test R&D center in Asia that meets the performance standards of Western products.
“Ruichang is a leading company in China's industrial combustion market and a technological leader in the market segment for low NOx and environmentally friendly burners. It is a useful extension of our development of the industrial combustion business in this important market in China.†Ms Beth Wozniak, Global President of Honeywell Environmental Controls, said. “China will double its refining capacity during the twelfth five-year plan. The establishment of this cooperative enterprise is complementary to the two companies’ experience in technology, research and development and market experience, and will surely create a leading combustion equipment supply in China. Business and innovation technology leader."
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