U.S. appliance maker Maytag Corp. has opened its first store in Mexico -- one of 15 planned in the coming years in a push to boost market share, the head of the company's Mexican unit said.
"We have the goal of reaching 20 percent (market share) in a period of five years," Jose Manuel Contreras told reporters at the inauguration of the Maytag store in northern Mexico. "Right now we have more or less 7 percent."
Maytag set up shop in Mexico 4 years ago and has three plants producing refrigerators and vacuum cleaners. The company also sells washing machines, stoves, and dishwashers that are produced in the U.S.
Sales of Maytag in Mexico, where competitors include Whirlpool, General Electric, and Mabe, increased 35 percent in 2003, and Maytag hopes to end this year with sales gaining another 40 percent.
"The (appliance) sector in 2003 did not grow and in 2004 it is up 6 percent," Mr. Contreras said. "So if you compare our growth with the rest of the industry, you can see that we are gaining market share."
Mr. Contreras said the appliance sector in Mexico was expected to grow between 5 and 10 percent in the coming years. (Reuters)
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