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By Eliana Raszewski
BUENOS AIRES (Reuters) – Home appliance maker Whirlpool Corp will open a new plant in Buenos Aires after a $52 million investment, with plans to export more than 70 percent of local production, said Joao Carlos Brega, the company’s director for Latin America. .
The plant, which will employ about 400 people, will produce 300,000 washing machines a year and export $50 million worth of products to Latin America, mainly to Brazil.
“We know very well the volatility (of the Argentine economy). Making an investment of that amount, $52 million, is not short-term. We are in the long term,” Brega said at the Pilar plant, referring to 60 kilometers (60 kilometers) from Buenos Aires.
He pointed to the economic crisis in Argentina, which suffers to reduce its budget deficit, faces inflation of one hundred percent per year this year and seeks to boost exports to strengthen the reserves of the central bank.
Brega said he expects 60 percent of raw fabrics to come from local suppliers over the next two years, up from 20 percent previously.
“At the end of the day, this is an allocation that will generate external gains for Argentina,” he added.
In 2021, the U. S. -based corporate The U. S. had an annual profit of approximately $22 billion, with 69,000 workers and 54 production and generation study centers.
Whirlpool has been offered in Argentina for more than 30 years and in Latin America for more than 60 years.
(Reporting through Eliana Raszewski; Editing via Lisa Shumaker)