Nidec, the world's largest motor maker is set to spend P40-billion more into its Philippine operations to beef up demand for electric vehicle motors, the Department of Trade and Industry (DTI) said.
The company's expansion to the Philippines aim to increase production capacity for export demand in the United States and the European Union.
"Nidec will infuse new investments in the amount of P40 billion in an expansion project meant to increase its production capacity for strain wave gears by an additional 50,000 units per month," Trade Secretary Ramon Lopez said.
The new production location will cover an area of over 35,000 square feet, complementing the firm's current 3.5-hectare production space. It is expected to generate four hundred new jobs, bringing the total to 1,000 Nidec's workforce.
Nidec first established a factory in the Philippines in 1995. It now has two factories, one in Laguna and another in Subic, which are engaged in manufacturing motors and reducer gears, according to the DTI.
No comments:
Post a Comment