Chinese home appliance maker Midea to build 3rd factory in Brazil
A man works at a workshop of Midea Group in Guangzhou, south China's Guangdong Province, March 3, 2023. (Xinhua/Deng Hua)
Chinese home appliance maker Midea Group (Midea, 000333.SZ) broke ground to build a new factory in Pouso Alegre, Minas Gerais of Brazil on Wednesday, the Xinhua-run Shanghai Securities News reported.
The new factory, Midea's third in Brazil, involves a total investment of more than 700 million yuan and will cover an area of over 70,000 square meters.
Featuring advanced digital and innovative production technologies, the factory is expected to start production in July of 2024, with an annual capacity of 1.3 million refrigerators. Products made there will be supplied to the local market and other markets in South America.
The new plant is Midea's first investment in Pouso Alegre, said Wang Jianguo, vice president of Midea Group, adding that Midea aims to become one of the leading brands in the Brazilian refrigerator industry in four years.
Felipe Costa, CEO of the new factory, noted that Midea has full confidence in the Brazilian market and will further strengthen its investment in the country.
Midea currently has two factories in Brazil, one located in Manaus mainly producing household air conditioners and microwave ovens, and the other one in Canoas making commercial air conditioners.