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Top carpet maker opens China plant
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Shaw Industries Group, the world’s largest carpet manufacturer, has opened a new plant in eastern China to meet growing demand in Asia.
The US$45 million plant, in Nantong, a port city 65 miles north of Shanghai, is the company’s first outside the United States.
“Two thirds of the world’s carpet tile is sold outside of North America, the majority in Asia,” Shaw Industries Chairman and CEO Vance Bell said at a press conference today. “Sales in China, in particular, have grown 20 percent annually, making it the world’s third largest carpet-tile-purchasing country.”
He said currently China only accounts for a small part of Shaw’s total sales revenue of more than US$4 billion.
Shaw, which is wholly owned by Warren Buffett's Berkshire Hathaway, said products made in China will be sold for installation in the growing Asia market and there are no plans to export them back to the US.
"For an American company that produces a product that people around the world will find advantageous to use, it would be absolutely folly not to have a major manufacturing operation in China turning out that product," Buffett said in a video clip played at the press conference.
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