Nov 16, 2015 (China Knowledge) – U.S. home appliance giant Whirlpool China Co., Ltd <600983>, officially settled down its global Research and Development center in Hefei Province on Nov 14, which will make it one of the firm's largest production base outside the U.S.
The project absorbed a total of RMB 2 billion investments despite the current economic downturn.
Due to China's rising salaries and energy costs as well as RMB appreciation, low-cost manufacturing industry has shifted its focus into other emerging markets, which made it extremely urgent and inevitable to upgrade the structure of the country's industry.
"The firm is facing the weakening demand for household appliance, a supply glut and a heavy inventory," said Jin Youhua, the CEO of Whirlpool China. "Manufacturing plus Internet will be the growth direction of new type manufacturing," Jin added.