US-based diversified power management company Eaton Corp on Thursday said it expected emerging economies like China, India and Brazil to contibute more to its global revenues, and at the expense of developed markets like North America, Europe and Japan.
The $11.9 billion company that has interests in electricals, hydraulics, aerospace and truck businesses and is present in 150 countries, is expanding its presence in these three markets, and has its single largest research and development centre in Pune.
“Currently, 45 per cent of our revenues come from the US but that has come down from 80 per cent in 2000 and I expect it to go down to 40 per cent eventually,” said Alexander M. Cutler, chairman and chief executive officer, Eaton Corp. “Our Asia Pacific business should account for $ 2.5 billion by the end of this year and it is one of our fastest growing regions with a average growth rate of 25 per cent over the last five years.”
As the global economy recovers from the meltdown that began in 2008, Eaton has been re-aligning businesses in its bid to economise its operations and conserve cash.
“Many companies have been downsizing... R&D spends in quite a few have gone down. What we have decided to do is re-align our business," Cutler said. “Different markets have different needs and we intend to serve the big potential markets by what suits them the best.”