US-based Whirlpool, a multinational home appliance manufacturer, has opened a new $52m factory in Pilar, a city in the Buenos Aires province of Argentina. The company plans to create 400 new jobs at the plant, which will serve the Latin American market.
The facility is expected to produce 300,000 washing machines annually and export $50m worth of products across the region. The company aims to source 60% of plant’s raw materials from local suppliers by late 2024.
President of Whirlpool Latin America, Joao Carlos Brega commented: “We know very well the volatility (of the Argentine economy). Making an investment of this amount, $52m, is not looking to the short term. We are looking at the long term. At the end of the day, it is a project that will generate foreign income for Argentina.”
Whirlpool generated $22bn in annual sales in 2021. The company currently employs 69,000 staff and operates 54 manufacturing and technology research centres worldwide.