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|Techtronic Industries factory (Photo: South China Morning Post)|
On Tuesday, the Vietnamese government informed that power tool manufacturer Techtronic Industries will invest an additional $650 million in Vietnam for the production of the cordless appliance, according to Reuters.
The government also revealed in its statement that the construction of the new plant in Ho Chi Minh City will be finished by the third quarter of 2021.
Techtronic Industries will also develop a research and development center in Vietnam and employ 2,000 researchers and engineers, the government added.
|The company's brands (Photo: Techtronic Industries)|
The company has a factory in the neighboring province of Binh Duong and has invested in the Saigon High-Tech Park.
Techtronic Industries' factory in Ho Chi Minh City is the second-largest factory, research and development center in the world of the Hong Kong company, informed Vietnam Finance.
Stephan Pudwill, Vice Chairman of Techtronic Industries commended Ho Chi Minh City for its good human resources, infrastructure and logistics, good quality suppliers, and local authorities' commitment to supporting investors. These factors contributed to the decision to invest in Vietnam by Techtronic Industries, Vietnam Plus reported.
|Saigon High Tech Park, where the company invested (Photo: Industrial Parks in Vietnam)|
Techtronic Industries is a fast-growing world leader in Power Tools, Accessories, Hand Tools, Outdoor Power Equipment, and Floor Care for Do-It-Yourself (DIY), professional and industrial users in the home improvement, repair, maintenance, construction and infrastructure industries. The Techtronic Industries brands like MILWAUKEE, RYOBI and HOOVER are recognized worldwide for their deep heritage and cordless product platforms of superior quality, outstanding performance, safety, productivity and compelling innovation.
Founded in 1985 and listed on the Stock Exchange of Hong Kong (“SEHK”) in 1990, Techtronic Industries is included in the Hang Seng Index as one of their fifty constituent stocks. The company maintains a powerful brand portfolio, global manufacturing and product development footprint, healthy financial position with record 2019 worldwide sales of US$7 billion and over 30,000 employees.
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