According to China Daily, Chinese home appliance giant Haier announced that it will invest 200 million US dollars to expand the Kentucky washing machine and dishwasher plant in the United States. The expansion will add 400 new jobs. Haier also announced the acquisition of Italian appliance manufacturing for US$547 million. Merchants, to increase Haier's market share in Italy.
Haier participates in the 20th China International Industry Fair (CIIF 2018) held in Shanghai - Picture from China Daily website
'The investment we have made continues our mission to build products and production so that we can guide our innovation and production expertise more efficiently through the production line,' GEA President and CEO Kevin Nolan Express.
'This will greatly enhance our ability to provide innovative, new products that will delight consumers, increase our workforce and strengthen our leadership in the home appliance industry,' added Kevin Nolan.
Haier's $200 million expansion in the Kentucky plant in the United States will increase production capacity of its washing machine production facilities by 20%, including the addition of a pulsator washing machine, a dryer production line, and increased production capacity of existing models.
For the dishwasher line, the new investment includes new plastic and stainless steel inner barrel production lines, which will increase production capacity by 35%.
According to Julie Wood, senior public relations director of GEA, the expansion work has started and is expected to be completed by the end of 2019.
On Monday, GEA announced the new investment plan at a press conference hosted by the company, including Kentucky Governor Matt Bevin and prominent political leaders such as Louisville Mayor Greg Fischer and Senate Majority Leader Mitch. McConnell.
'GEA has always been a model business partner for Louisville and Kentucky,' said Kentucky Governor Matt Bevin. 'This iconic company has hired thousands of Kentucky people, and we are grateful that they have recently been in the blue. Investment in Caozhou. As GEA continues to adapt to the changing market, we believe they will remain in perfect condition in Kentucky, the center of excellence in engineering and manufacturing in the United States.'
GEA is an important member of the US economy. The company employs 12,000 people in the United States and contributes $8.8 billion to US GDP.
In 2016, China's Haier Group acquired GEA, based in Louisville, Kentucky, from General Electric for $5.4 billion.
With the announcement of this $200 million investment plan, Haier has invested a total of $475 million in major product and production equipment investments in 2018, which will create more than 1,000 new jobs in the United States.
In addition to the investment plan in the United States, Haier, born out of the refrigerator factory established in Qingdao in 1984, has also been promoting the expansion of its global production.
On Friday, Haier announced that it would acquire Candy, a home appliance manufacturer owned by the Italian family.
According to the news released by Candy, Haier will set up Haier's European headquarters in Blangelio, Italy, where the company is located.
The transaction is expected to be completed in early 2019. Haier needs to submit regulatory filings, approvals and other customary conditions to relevant domestic and foreign government agencies.
According to data released by Euromonitor International, a global market research organization, Qingdao Haier became the world's largest home appliance brand for the ninth consecutive year in terms of global sales.