Harman targets $1 billion sales in China
Harman International Industries Inc. is investing heavily in new China production and R&D facilities to boost annual sales to $1 billion by 2015, reports China Daily.
The U.S.-based audio equipment supplier generated China sales of $200 million last year, up from $35 million in 2009.
Company CEO Dinesh Paliwal told China Daily that he hopes to capture a 30 percent share of China's audio market by 2013.
To do so, the company is investing $100 million in new production and R&D facilities. That brings the company's total investment in China up to $175 million, according to China Daily.
Paliwal was in China to dedicate a new $50 million factory in Dandong, in Liaoning province. The plant is expected to generate $300 million in annual revenue.
In April, Harman announced it had signed an agreement to supply Zhejiang Geely Holding Group Co. with a premium sound system for the Emgrand EC8 sedan.
Harman, which generated global sales of $3.5 billion last year, has 1,200 employees in China. By 2015, the company expects to triple its Chinese work force.
