Word: haier
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...wrong, though, to underestimate Kim, who has become near legend in Seoul for the turnaround he engineered at LG's appliance business. When he took over in 1996, LG was making washing machines and refrigerators that seemed little more than cannon fodder for low-cost Chinese companies like Haier. Kim sliced costs by moving production of low-end products to China. He proved there is room for innovation in basic white goods, introducing, for example, appliances like air-conditioners that can be controlled from the Internet. The result: sales reached $4.7 billion last year, more than twice the number when...
After failing to ride Kanga Roddy to riches, Wang paid an undisclosed sum in late 2001 to Dutch conglomerate Philips. He bought an operation that designs mobile-phone handsets and other components and has about 65 employees in Vancouver and Dallas. China's media hailed Holley as the next Haier, the Chinese appliance giant with a factory in South Carolina. But Holley is no Haier. Only a handful of small customers have signed recent deals, and a former manager at the Vancouver office says Holley doesn't have the resources to develop next-generation technology. (A Holley spokesman says...
Take Ribbit by Haier ($259, coming in February), a TV with an ingenious twist on parental controls. Kids have to answer an onscreen math question before they get to watch any channels; the video-game port can also be locked...
...delegates cleared the way for capitalists?the types reviled by Marx for "sucking living labor"?to become Party members and promised financial reforms providing venture capital to entrepreneurs. For the first time, the Party named a businessman as an alternate member of its Central Committee: Zhang Ruimin, CEO of Haier, China's most successful refrigerator maker. "The Party has changed its colors," says Jean-Pierre Cabestan, director of the Hong Kong-based French Center for Research on Contemporary China. "It doesn't care about ordinary people, it cares only about the ?lite...
...Party goes about celebrating itself, few people around here can muster much interest. A few blocks away, the Daguanlou cinema presents the film CEO, a docudrama about refrigerator-maker Haier's aggressive move into the U.S. market. The Party forced movie houses to carry it as part of a nationalistic film festival pegged to the congress. In one showing the evening before the congress opened, a saintly Haier manager breaks off negotiations with a rapacious American who sneers that he'll "buy flowers for the graves" of his Chinese competitors. As the scene ends halfway through the screening, the entire...