According to reports, Harman International Industrial Co., Ltd. announced that in order to support its business objectives in China, the company is considering building a third factory in China.
Harman International CEO Dinesh Paliwal said in a recent Fortune Global Forum in Chengdu that the company will establish a plant plan within the next 6 to 12 months. Once the new plant is completed, it will accommodate design, manufacture, assembly and global Product transport and other departments.
As the European auto market continues to weaken, in order to offset the downtrend in the European market, Harman International hopes to expand its business in markets such as China. Its goal is to increase its business share in China from the current 10% to 25% by 2018.
Just four years ago, Harman International had sales of less than US$20 million in the Chinese market. The company’s sales in China had soared to US$400 million last year. According to Baltimore, Harman International has so far invested in China. 200 million U.S. dollars.
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