Haier to Invest $160 Million In New Chinese Fridge/Freezer Plants Apr 5, 2011

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Qingdao Haier intends to spend 1.04 billion yuan (approx. US$160 million) to construct new appliance plants in China's Guangdong and Liaoning provinces, according to company filings reported by capitalvue.com via The Information Times.

The reports show that Qingdao Haier - one of the publicly traded business units of appliance OEM Haier Group Company – intends to establish the Foshan Haier Electric Freezer subsidiary and construct a factory to manufacture up to two million high-efficiency freezers annually. The freezer plant will cost about $63 million and reportedly could be up and running by the beginning of 2012. Foshan Haier, the report said, will be sold within China, elsewhere in Asia, and in Africa, Europe, the Americas, and Australia.

The report said Haier will also establish the Shenyang Haier Refrigerator subsidiary, whose new factory will also have annual capacity of two million units. Plant construction is scheduled to be complete in January. The reports said the market for the plant's refrigerators will be Chinese provinces of Jilin, Heilongjiang, and Liaoning provinces.

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