Word: haier
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...january cover package in time global business included a feature about Haier, the leading appliance maker in China and sixth largest in the world, with revenues growing 49.7% in 2001, to $7.4 billion. But Haier's halo is slipping. In July the company sued Yicong Chen, 25, a Beijing-based securities analyst for a government-owned company who had written a critical research report. Haier then announced a 45% decline in first-half profits, largely because of weak sales of air conditioners--a segment that Chen's report covered. Chen nonetheless agreed to a court-supervised apology for the "distorted...
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...