Qingdao Haier Refrigerator Co. Ltd. said this morning that it will spend 810 million yuan (approx. U.S. $100 million) on new projects, according to a report from Reuters. The company is a business unit of Chinese home appliance company Haier Group. Haier shareholders approved several initiatives, according to financial newspaper reports.
Reports say one of the initiatives will be a 160 million yuan (U.S. $19.8 million) investment to establish centers charged with localizing Haier appliances for markets in the U.S. and Europe.
Other new projects, according to the reports:
150 million yuan (U.S. $18.6 million) will be invested in product re-engineering to meet Europe's WEEE standard
150 million yuan will fund an air-conditioner project in Chongqing, China.
130 million yuan (U.S. $16.1 million) will fund digital appliance development efforts
130 million yuan will go toward the development of commercial refrigeration products
90 million yuan (U.S. $11.1 million) will help upgrade Haier refrigeration technology
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