SINGAPORE, Feb 19 (Reuters) - Honeywell International (HON.N), the world’s largest maker of cockpit electronics, said on Tuesday that its Asia Pacific aerospace sales will grow 10 percent in 2008, as airlines in the region boost their fleet.
Despite fears of a global downturn amidst a slowing U.S. economy and a growing credit crisis, business activity globally has not been affected, a senior executive from the company said.
“It’s mainly showing up as just a lot of worry and concerns. But we’re not seeing it in the data, we’re not seeing it in orders and in business activities,” said Mark Howes, President of Honeywell Aerospace Asia Pacific.
Howes said Honeywell’s aerospace division saw about $900 million in sales in 2007, and expects this to grow to $1 billion this year as airlines receive record number of aircrafts from manufacturers such as Boeing (BA.N), Airbus EAD.PA and Bombardier (BBDb.TO) in 2008.
Howes, who is attending the Singapore Airshow being held this week, said the U.S. manufacturer has signed about $100 million worth of contracts at the show.
The orders include a four-year contract to supply equipment to India’s Kingfisher Airlines, a five-year maintenance contract with Air China (601111.SS), and a $33 million deal to provide brakes and wheels for China Eastern Airlines’ (600115.SS) new 737s. (Reporting by Daryl Loo, editing by Neil Chatterjee)