Schaeffler, an automotive and industrial supplier, has invested more than 45 million euros in the construction of the new factory in Vietnam. The company will create about 300 new jobs by the end of the year. Policy and business representatives, as well as partners and clients, attended the opening ceremony of the factory.
Georg F. Schaeffler, a shareholder and chairman of Schaeffler’s Supervisory Board, said in his opening address: “Vietnam has been Schaeffler’s first industrial site in Southeast Asia for more than 11 Years. The strategic location of Asia, the well-diversified, fast-growing economy, stable and the young, ambitious and well-educated population are just a few examples. “
“The expansion of local production facilities is a proof to our confidence in Vietnam, the ideal production center in the Asia-Pacific region to provide regional and global customers with the best modern products and bearing systems,” says chief operating officer at Schaeffler, Andreas Schick.
The new plant is based in the Amata Industrial Park in Bien Hoa, which is around 50 kilometers south of Ho Chi Minh City, and will substitute the old facility. Bearings and industrial components for a wide range of applications will be manufactured. Schaeffler is expanding its capabilities into the existing product portfolio and developing new product lines comprising needle roller bearings and radial insert bearings.
The new factory in Vietnam has been developed according to a modular concept and new extensions are planned for the coming years. The factory currently has an area of approximately 25,000 square meters. “In addition to our production facilities in Korea, we opened a new automotive product plant in Thailand in 2016 and are proud to celebrate today the inauguration of this state-of-the-art facility for our industrial division products in Vietnam,” said Stefan Spindler, Industrial CEO .
Products manufactured in Vietnam are supplied to customers in various industrial sectors including construction, food processing, agriculture, mining, energy transfer, steel, motorcycles, textiles, paper, and cement.
Edward Ordway, with a BSc (Hons) Business & Management degree, is been working as a Senior Content Writer for 3 years in our organization. He is given the accountability to write articles and blogs associated with the world of Business, comprising deals & agreements, mergers & acquisitions, cryptocurrency, stock market, and other trending topics. Edward, in free time, travel around to new places and share the experiences through his personal blog.