Luoyang, Henan – China’s Gree Electric Appliances broke ground on a refrigerator and washing machine site in Luoyang, Henan on 11 March.
Gree building refrigerator plant in Luoyang
The 700,000 m2, CNY 5bn ($774m) site will produce refrigerators under the label KingHome. In addition, the company said it will employ smart manufacturing technology and create 3,000 new jobs at the venture. The company anticipates revenue of CNY10bn when it comes on stream.
Local radio said the plant will have capacity for 3m units/year in total. The company declined to confirm this number.
Formerly specialising in air conditioners, Gree has shaped its refrigerator business into a major growth driver over the past six years, said its announcement.
'A company’s survival depends on whether its products can improve people’s lives,' said Gree's chairman Dong Mingzhu in the announcement. She also stressed the importance of developing its own technology.
Gree said its unaudited 2018 revenue was more than CNY 200bn, up by a third from 2017. Net profit is estimated at more than CNY 26bn, up at least 16%.
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