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Provider: Thomson Reuters Stock Report

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Fagor Electrodomesticos S Coop Ltda And Haier Establish Joint Venture And Announce Opening Of Factory In Poland

Thursday, 5 Sep 2013 10:01am EDT 

Fagor Electrodomesticos S Coop Ltda (Fagor) and Haier announced a cooperation agreement based on a joint venture, which will be comprised of a 51% stake by Haier and a 49% stake by Fagor. The joint venture company will provide construction, operation and development of a new production plant of refrigerators in Wroclaw, Poland. The annual production capacity of the new plant , located in the Industrial Park of Fagor in Poland , is expected to reach , in a first phase , 500,000 units and one million units over the next five years. The construction works will begin in September 2013 and new refrigerators factory is expected to be operational in June 2014. 

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