Gree considers factory in Europe
Updated: 2015-01-30 10:22
(Agencies)
|
|||||||||||
Gree Electric Appliances Inc, China's largest manufacturer of air conditioners, may establish a factory in Europe to boost its sales overseas, according to chairwoman Dong Mingzhu.
"We already sell our products in many overseas markets so it would make sense to open factories there to supply locally," Dong said in an interview during the World Economic Forum in Davos, Switzerland. "We are looking at options in Europe."
Gree, which competes against GD Midea Holding Co and Haier Group Corp in the world's most-populous nation, has looked to expand in emerging markets since 2011 and already has factories in Brazil and Pakistan.
The appliance producer generated 15 percent of its sales outside China in 2013 and operates a subsidiary in the United States.
A recent technology breakthrough in heating systems will allow Gree to tap European demand for air conditioners that can also heat homes, according to Dong.
"Years ago we considered Europe but then we didn't have great technology to produce heating aircons, while cooling ones don't have a huge market there," Dong said. "We are now looking at a few countries but haven't decided which one to go into first."
Its sales are exptected to have increased 16 percent to nearly 140 billion yuan ($22.4 billion) in 2014, according to the average of 12 analysts' estimates compiled by Bloomberg. Revenue growth halved from 43 percent in 2010-helped by China's rural appliances stimulus program unveiled the previous year to boost domestic consumption-to 20 percent in 2013.
"Gree will surely be able to maintain its growth rate. It's not merely a numbers target," Dong said. "We'll keep investing in R&D and innovation."
Dong, who was on her first visit to Davos, said the sessions on women in leadership were "interesting".
She was among one of the largest female representations in national-level delegations at the summit this year, with women making up more than 20 percent of the delegates from China.
"In Gree, we try to create a platform where female employees are well supported," Dong said.
"But you don't get special treatment or promotion just because you are a woman. In the end it's still about capability and talent."
Related Stories
Gree leads the green way in e-cycling of appliances 2014-12-03 07:10
Sizzling sales for China's Gree 2014-03-09 22:00
Air conditioner maker Gree sets lofty sales goal 2013-03-07 10:53
Gree considers 'new business model' 2012-12-24 16:54
Gree Electric looks overseas for expansion 2012-03-09 09:43
Today's Top News
China's port project in Greece not affected
Royal Mail Chairman Brydon to step down
Trial finds GSK Ebola shot safe, with immune response
Russian Delegation stripped of voting rights at PACE
China and Greece 'willing to continue cooperation'
China hails German leaders' call to remember history
Greece's new govt halts port sale to China
Putin sets government main task of ensuring social stability
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Conca set to return to China |
CES: Spotlight on Chinese gadgets |
Yearender: What happened around the globe in 2014 |
National Memorial Day for Nanjing Massacre victims |
Corrupt female officials spark debate |
Blue skies ready to greet APEC |