Samsung announces $500 million investment in Mexico
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Samsung announces $500 million investment in Mexico
South Korean manufacturing giant, Samsung continues to make significant investments to improve its global manufacturing facilities. Much of Samsung’s recent investments have been in building new chip production facilities. And now the company has set aside a fortune to ramp up production of other products. Mexico is one of many countries where the company has manufacturing facilities. It manufactures home appliances mainly at its plants in Mexico. The company will now invest heavily in Mexico to increase the production of home appliances.
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Samsung to invest $500 million in two Mexican cities
Mexican Foreign Minister Marcelo Ebrand announced that Samsung will invest $500 million in Mexico to promote the production of household appliances. The company will also invest these funds in two Mexican cities, Querétaro in central Mexico and Tijuana. Ebrand adds that he had a meeting with Samsung Electronics CEO Han Jong-Hee to discuss the details of the investment. He said on Twitter
“In a meeting with Han Jong-Hee, CEO of Samsung Electronics, who confirmed an investment of 500 million dollars in Querétaro and Tijuana to increase the production of household appliances in Mexico. Samsung arrived in our country in the late 80’s and is a reliable and productive partner!”
However, Samsung already operates a TV assembly plant in Tijuana, Mexico, with an annual output of about 19 million units. The factory is important to Samsung’s overall TV strategy in North America. Equipment from the Tijuana factory is sold across the continent, which also happens to be one of the company’s largest TV markets. Therefore, it is very willing to make additional investments in Mexico to further increase TV production and improve product price competitiveness.
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Having a manufacturing base in Mexico allows the South Korean manufacturer to effectively cater to the entire North American market. No doubt, the latest investment will significantly increase the company’s presence in the Mexican and North American home appliance markets.
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