Optimism for North American Market, Hisense Officially Announced to Invest 260 Million US Dollars in Building Home Appliance Industrial Park in Mexico

Rhea-AI Summary

Hisense announced a significant investment of 260 million USD to establish a new Home Appliance Industrial Park in Monterrey, Mexico. This facility, covering 252,600 square meters, is expected to create over 7,000 jobs in five years. This marks Hisense's second industrial park in Mexico, reflecting confidence in the North American market. The park aims to enhance supply chain efficiency and localize R&D and production for the American market, supporting Hisense’s goal of expanding its influence in North America, Central, and South America.

Positive

• Investment of 260 million USD in Monterrey shows confidence in North American market.
• Creation of over 7,000 jobs in five years benefits local community.
• Enhanced supply chain response and localized R&D/production systems anticipated.
• Recent growth in overseas revenue by 18.6% shows strong market performance.

Negative

• None.

MONTERREY, Mexico, March 5, 2021 /PRNewswire/ -- On March 2nd, 2021, Hisense (Stock Ticker: SZ: 000921) announced to invest 260 million US dollars in building a new Home Appliance Industrial Park in Monterrey, Nuevo León State, Mexico. It is estimated that the industrial park will create over 7000 jobs for the local community in five years. This will be the second industrial park for Hisense in Mexico after its Tijuana Industrial Park, and it shows Hisense's confidence in the North American market. Qingqiao Zhu, Chinese Ambassador to Mexico; Chuanming Zou, Minister Commercial Counselor of the Embassy; Jaime Rodríguez, Governor of Nuevo León; Roberto Russildi, Secretary of Economy and Labor; and Yue Ma, Hisense Project Leader, were invited to attend the press conference.

Ambassador Zhu said since the outbreak of COVID-19, China and Mexico worked together against the pandemic. The mutually beneficial economic and trade cooperation between the two countries achieved remarkable growth and achievements, demonstrating the strong resilience and great potential of cooperation between China and Mexico. It is believed that with the support of the Nuevo León government and friends from all circles, Nuevo León's cooperation with China will reach a higher stage. Roberto Russildi, Secretary of Economy and Labor, expressed positive affirmation and a warm welcome to Hisense new Industrial Park, "Today is a happy day for us because we welcome one of the world's largest well-known electrical appliance manufacturing companies."

At present, the basic construction work of Hisense Monterrey Home Appliance Industrial Park has started. The industrial park covers an area of 252600 square meters, aiming to provide refrigerators, washing machines, air conditioners, and kitchen appliances to the American market. When put into operation, it will help Hisense improve the supply chain response speed, build the localization operation system of R&D, production, and marketing in America, enhance the competitiveness, and continue to radiate to Central and South America.

In recent years, Hisense's brand influence in the world has been continuously enhanced through the localization of R&D, production, and marketing, mergers and acquisitions, and sponsorship of international top sports events. In 2020, Hisense Group will achieve an overseas revenue of 54.8 billion RMB, a year-on-year growth of 18.6% and Hisense Mexico's revenue will achieve a year-on-year growth of 16.5%; Hisense TV's market share in Mexico ranks the top three, and it also shows rapid growth in other North American countries. At present, Hisense has 54 overseas companies and offices to implement the localized operation, 16 production bases to implement regional production, and 16 R&D centers to introduce high-end talents to the world and improve the capability of technical products. Monterrey Home Appliance Industrial Park not only reflects the acceleration of Hisense's international layout, but also demonstrates Hisense's determination to further explore the North American market.

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SOURCE Hisense

FAQ

What recent investment did Hisense make in Monterrey, Mexico?

Hisense announced an investment of 260 million USD to build a Home Appliance Industrial Park in Monterrey, Mexico.

How many jobs will Hisense's new industrial park create?

The new industrial park is expected to create over 7,000 jobs over a period of five years.

What products will be manufactured at Hisense's new industrial park?

The industrial park will produce refrigerators, washing machines, air conditioners, and kitchen appliances.

When did Hisense announce the investment in Monterrey?

The investment was announced on March 2, 2021.

What are the expected benefits of Hisense's investment in Monterrey?

The investment is expected to improve supply chain response speed and enhance Hisense's competitiveness in the North American market.