Amway to invest $15m for business expansion in China
- Details
- Published on Thursday, 25 December 2008 16:52
- Written by Amway Watch
American direct selling giant Amway Corporation plans to expand its business in China next year, company head Douglas L. Devos said in Guangzhou on Monday.
It will invest $15 million in the southern Guangdong Province, Amway's China headquarters, for the development of household products such as air and water purifiers, and kitchen appliances among others.
It's the eighth time Amway expanded production lines in Guangdong since opening a facility in the country back in 1992. Amway's total investment in China is $220 million.
"For all the negative impact of the global financial crisis, we have strong confidence in the Chinese market," said Devos.
He went on to say, the country's stable economic growth over the years has served as a backbone for Amway's business expansion in China.
Statistics showed Amway China's sales revenue increased 15 percent to reach 13.8 billion yuan ($2.01 billion) in 2007. The figure is expected to top 18 billion yuan this year, up 27 percent year on year.
Amway, based in Michigan, is considered the world's largest direct selling company with more than 3 million independent business owners in more than 80 countries and regions.
At present, its largest overseas production base is in Guangzhou, with a manufacturing area covering 141,000 square meters. It employs 6,000 people.
