Hefei, Anhui – Meiling announced on 19 November 2015 it plans to raise RMB1.6bn ($250m) through private placement for projects, including the expansion of smart refrigerators and freezers production at its site in Hefei, Anhui.
The company plans to pump RMB279m into a 600,000 unit/year smart refrigerator project, which it forecasts will bring in RMB58m annual profit on RMB2bn sales when in operation. The project is scheduled to take three years to complete.
Another expansion project for large volume, environmentally friendly and energy efficient smart freezers, also with a 600,000 unit/year capacity, has RMB120m investment earmarked. It is expected to take one year to complete and will generate RMB17m annual profit on RMB492m sales.
Chinese appliance makers are transforming from scale manufacturing to smart manufacturing and this is a necessary update for the company, said Meiling’s announcement.
XE Currency Conversion: 30 November 2015
