Honeywell and Shenghong Petrochemical Group vow to further expand cooperation in the field of digitalization and automation to promote the efficient and sustainable development of the petrochemical industry with advanced technology.

The two parties signed a Memorandum of Understanding (MoU) during the 14th Annual Meeting of the New Champions of the World Economic Forum held in Tianjin on Wednesday, eyeing to promote high-quality development and digital transformation within the industry. The two companies also launched the Honeywell-Shenghong Smart Factory White Paper that provides data-driven strategies for the process industry on the same day.

"Driven by the new generation of information technologies, the process industry is currently experiencing profound transformations, which in turn are bringing forth significant development opportunities," said Henry Liu, vice-president and general manager of Honeywell Performance Materials and Technologies Asia-Pacific.

"Honeywell's deepening cooperation with Shenghong Petrochemical will continue to facilitate the high-quality development of China's petrochemical industry," he said.