Haier to expand abroad
15 May 2006
Appliance maker Haier Group plans to bolster its overseas manufacturing presence in the next few years, the Wall Street Journal reported. Chief Executive Zhang Ruimin said the company expected to have at least 20 factories on foreign shores by 2010, up from 13 at present. The company is planning a second factory in the United States, and has manufacturing designs on the Middle East and South Asia. Haier, which lost out in a race to buy US appliance maker Maytag in 2005, is also looking to make acquisitions and is now in talks to buy a refrigerator factory in India. The unlisted company earned US$12.98 billion in revenue last year and expects this to grow by between 5% and 10% this year.
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