Word: haier
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Dates: during 2000-2009
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...Haier has grabbed 60% of the market for refrigerated wine cellars in just two years, and its $200 million in revenues are projected to double this year. Perhaps most unusual for a Chinese company, Haier in 2000 opened a $35 million fridge factory in Camden, S.C. "We're a global firm and we wanted to show our commitment to the U.S. market," says Michael Jemal, 36, president of Haier America...
That kind of thinking sets Haier apart from most Chinese firms. Consider Haier's blitz of the U.S. small-fridge market. A few years ago, Haier noticed that American college students wanted locks on fridge doors and that hotels wanted an auto-defrost feature. The big manufacturers weren't delivering. So Haier did, and added style to the mix, making iceboxes in different colors and producing a sleek stainless steel unit. Haier's fridges aren't the cheapest. But the firm has captured 40% of U.S. sales and forced manufacturers like Sanyo to play catch...
Higher labor costs at Haier's Camden plant are partially offset by savings in shipping and logistics charges. Materials costs are similar to those in China. And the plant can deliver a just-in-time shipment to U.S. retailers and distributors...
China's WTO accession will mean more competition for Haier's business in its home country--which helps explain Haier's push into the U.S. and other foreign markets. Taking a cue from IBM, Haier is also diversifying beyond the box business into services: last month the company announced an alliance with New York Life to sell insurance in China...
...this summer, says Jemal, Haier will have 200 products in U.S. stores, including a new compact fridge with a desk attachment, marketed to the college crowd. By this time next year, he predicts, the firm will have earned global revenues between $10 billion and $12 billion--good enough for a spot on the Global...