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North America's largest producer of residential ventilation products, Broan-NuTone, announced today (November 2) that the company has established an international procurement office in Hong Kong.
The Hong Kong office will be responsible for managing all the procurement activities in the Asia-Pacific region for Broan-NuTone's headquarters in the U.S., as well as overseeing quality control and assurance functions.
The Group President & CEO of Broan-NuTone Group, Mr David Pringle, said the company considers Hong Kong as the ideal location to manage and implement its international procurement activities.
Mr Pringle said, "In order to respond to the ever-changing needs of homeowners, Broan-NuTone has made a commitment to investing in additional facilities, processes and equipment. We realised that it was essential to be able to reach major manufacturing bases and suppliers all around the world. Therefore, we decided to set up an international procurement office in a strategic location - Hong Kong."
"With our base in Hong Kong, executives can easily access all major markets in the region. The proximity to the Mainland also allows sourcing offices like us to stay close to one of the largest manufacturing bases in the world. It was a natural choice to make," said Mr Pringle.
"Hong Kong is the city where Broan-NuTone sets to take flight in Asia-Pacific. The city's many advantages, including its lower tax regime, business-friendly environment, large talent pool, excellent logistics and transportation network, allow us great flexibility in operating our businesses here and to quickly react to the market situation. The Common Law jurisdiction prevailing in Hong Kong also assures us of a safer commercial environment," added Mr Pringle.
The company plans to upgrade its operations here to the regional operating centre in Asia-Pacific for the Group. According to Mr Pringle, Broan-NuTone is currently undergoing an investment plan looking at the possibility of establishing a production plant in the Mainland. Therefore, the role of the Hong Kong office will become increasing important to the business expansion of the company.
Headquartered in Hartford, Wisconsin, the Broan-NuTone Group is North America's largest producer of residential ventilation products. Its products range from range hoods and exhaust fans to indoor air quality products. It also holds major market positions in chimes, central vacs, radio intercom systems, bath cabinets, built-in electric heaters, whole house fans, attic ventilators, paddle fans, ironing centres and trash compactors. The Group employs over 3,200 people in six countries on three continents.
The Associate Director-General of Investment Promotion at Invest Hong Kong, Simon Galpin, welcomed the Group's decision to set up its international procurement base in Hong Kong.
He said, "Hong Kong is the trading and procurement capital of Asia, with many of the world's largest companies establishing their regional base here. We have a high concentration of skills and talent in Hong Kong, making our city one of the most efficient and effective places to conduct sourcing activities for international businesses. We look forward to celebrating the expansion of Broan-NuTone's operation in Hong Kong in the near future."
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating foreign investment into the city by providing all the support needed to establish a business presence here. For more information, please visit the website at http://www.investhk.gov.hk.
Ends/Tuesday, November 2, 2004
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