Whirlpool Argentina, the local subsidiary of global home appliance manufacturer Whirlpool, is to invest $40m in a new plant in Fatima, Argentina. The facility will employ 1,000 people and allow the company to increase production capacities with an annual output of 300,000 washing machines. Operations are due to begin in 2022 to generate a positive trade balance from 2023.
Joao Carlos Brega, president of Whirlpool Latin America, stated: “In these challenging times, traversed by the Covid-19 pandemic, this investment marks a milestone in Whirlpool’s history and a very important step in the company’s industrialisation process in Argentina. This allows us to continue consolidating the company as a leading brand, committed to generating employment and the country’s export profile.”
The company currently has a facility employing 500 staff in La Tablada where it sells 80% of the kitchens and washing machines it manufactures to local customers. In contrast the new plant will export 70% of its production to customers globally.
Senior investment consultant
Cara Lyttle is a senior investment consultant at Investment Monitor with experience tracking and analysing cross-border investment.