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Daewoo Electronics said Monday that it is seeking to expand its presence in the U.S. home appliance market with its new line-up of microwaves and small washing machines throughout this year.
By signing an agreement with U.S retail giant Walmart, the company plans to ship 250,000 units of 26 liter microwaves to 1,500 different branches of Walmart located throughout the U.S. for this year.
The company also expects to engage in additional talks with Walmart next month to supply an expanded lineup of microwaves as well as small washing machines, aiming to increase its shipping figure to the U.S. retailer to over 1 million units, said an official at Daewoo Electronics.
The moves takes place as Daewoo is striving to expand its overseas portfolio with the U.S. market being the biggest home appliances market in the world.
Daewoo had entered the U.S. market in the past, but its overseas business slowed down following its sale of business units for televisions, air conditioners and vacuums in 2009.
While setting this year’s total sales target for the U.S. market at $150 million, it also held a conference with members of the National Appliances and TV Merchants involving the launch of its new appliances late last month.
The association is composed of regional retailers from 11 different regions within the U.S., and the firm is in talks with some of its members regarding the supply of French door refrigerators and multifunctional ovens, according to Daewoo officials.
Going a step further, Daewoo Electronics targets to dive into other free trade zones like those along the Caribbean Sea such as the Dominican Republic, Jamaica and Haiti, its officials said. It will secure distribution networks by arranging regular dealer shows in the regions.
“We’re growing out of our existing product selling system by enhancing cooperation efforts with local retailers. We expect to more aggressively target the U.S. market by more than doubling our sales figure to $150 million this year,” said Kim Jung-han, general manager for U.S. operations at Daewoo.
Last year, the company recorded $69 million in total sales in the U.S. market, while it reached $49 million in 2010, its officials said.
By Cho Ji-hyun (sharon@heraldcorp.com)
By signing an agreement with U.S retail giant Walmart, the company plans to ship 250,000 units of 26 liter microwaves to 1,500 different branches of Walmart located throughout the U.S. for this year.
The company also expects to engage in additional talks with Walmart next month to supply an expanded lineup of microwaves as well as small washing machines, aiming to increase its shipping figure to the U.S. retailer to over 1 million units, said an official at Daewoo Electronics.
The moves takes place as Daewoo is striving to expand its overseas portfolio with the U.S. market being the biggest home appliances market in the world.
Daewoo had entered the U.S. market in the past, but its overseas business slowed down following its sale of business units for televisions, air conditioners and vacuums in 2009.
While setting this year’s total sales target for the U.S. market at $150 million, it also held a conference with members of the National Appliances and TV Merchants involving the launch of its new appliances late last month.
The association is composed of regional retailers from 11 different regions within the U.S., and the firm is in talks with some of its members regarding the supply of French door refrigerators and multifunctional ovens, according to Daewoo officials.
Going a step further, Daewoo Electronics targets to dive into other free trade zones like those along the Caribbean Sea such as the Dominican Republic, Jamaica and Haiti, its officials said. It will secure distribution networks by arranging regular dealer shows in the regions.
“We’re growing out of our existing product selling system by enhancing cooperation efforts with local retailers. We expect to more aggressively target the U.S. market by more than doubling our sales figure to $150 million this year,” said Kim Jung-han, general manager for U.S. operations at Daewoo.
Last year, the company recorded $69 million in total sales in the U.S. market, while it reached $49 million in 2010, its officials said.
By Cho Ji-hyun (sharon@heraldcorp.com)
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Articles by Korea Herald
