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Galanz to Produce Air conditioners, Refrigerators
The world's leading micro-wave oven producer, Galanz, has announced that it will invest two billion yuan (241 million US dollars) in developing and producing air conditioners and refrigerators.
The Galanz Group in Shunde, in south China's Guangdong Province, holds 70 to 80 percent of the domestic micro-wave oven market and approximately 35 percent of the world market.
Galanz will cooperate with air conditioning enterprises in the United States, Japan and Europe, said Yu Yaochang, deputy general manager of the group.
He said that Galanz will build a large-scale refrigerator and air conditioner production base in three to five years. It will produce eight million air conditioners and five million refrigerators a year.
Air conditioning enterprises made huge profits this year despite a fierce price war.
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