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Carpet firm aims to cover Asian floors
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Berkshire Hathaway’s Shaw Industries Group, the world’s largest carpet manufacturer, has opened a plant in China, its first outside the US, as it taps growing demand in Asia.
“Two thirds of the world’s carpet tiles are sold outside North America, the majority in Asia,” Shaw Industries Chairman and CEO Vance Bell said at a media briefing yesterday after announcing the opening of the US$45 million plant in Nantong, Jiangsu Province.
“Sales in China, in particular, have grown 20 percent annually, making it the world’s third largest carpet tile-purchasing country.”
Bell said China now only accounts for a small part of Shaw’s total sales revenue of more than US$4 billion and the Nantong facility marks its latest effort to expand in Asia’s commercial carpet tile market.
“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,” Warren Buffett, chairman of Berkshire, said in a video clip played at the briefing.
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