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Faucet firm sees earnings to expand 30%
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Moen, a top North American faucet brand, expects sales in China to continue to grow 30 percent annually on strong demand from the country’s growing middle class.
The company, which also makes sinks and shower heads, has posted a 31.9 percent compound annual growth in China sales between 1995 and 2013, said David Lingafelter, president of Moen Inc, a unit of New York Stock Exchange-listed Fortune Brands Inc.
In seeking to grow outside the United States, Moen sees China Ñ where it has a plant in Guangzhou Ñ as being a key part of its global expansion strategy, Lingafelter said in an interview in Shanghai yesterday.
George Wu, vice president and general manager for Asia Pacific, shrugged off the impact of government control on the property market because higher living standards will sustain growth. More people in China renovating their homes will create a potentially huge market for high-end kitchen and bath faucets, he said.
“For me, this is still a sunrise industry in China,” Wu said.
Moen plans to have 1,270 showrooms in China in 2016 from 875 now, Lingafelter said, adding the firm will boost ties with leading Chinese real estate developers.
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