Midea is set to invest $30 million in expanding its business to Latin and Central America with the operation headquartered in Miami, FL. The launch of the project will take place on January 23.
According to the company, it aims to reach a key area for its global expansion strategy, Latin America and the Caribbean, which in 2016 only had a volume of 12 million units sold, with average revenues of $3.1 million.
Currently, Midea is present in the region in Brazil, Argentina and Chile, through a joint venture with American Carrier. “Our goal is to strengthen the brand globally, positioning products with the latest technology and quality,” said Joao Claudio Guetter, CEO of Midea Latin America.
Midea will market air conditioners, heaters, fans, humidifiers, water heaters, a complete kitchen line, small appliances, vacuum cleaners and a laundry line. The products will be brought from factories in China and Brazil.
Guetter added, “The strategy will be to introduce the products gradually with a launching schedule. To win local consumers, we will develop a differentiated product line, which will have the characteristics of each country where they will be offered, with specific design that pleases the consumer.”