Business / Companies
Samsung to set up TV, fridge plant in Zimbabwe
08 May 2015 at 02:03hrs | Views
Korea-based telecoms manufacturing giant Samsung yesterday signed a $10 million deal with a local company, Cranbal Investments that will see the international firm setting up a television and refrigerator assembly plant in Zimbabwe next year.
Cranbal Investments is the majority shareholder in ART Corporation.
Speaking at the signing ceremony in Harare, Cranbal Investments chairman Moses Chundu said they expected to spend $1 million on the television plant which would assembly TV sets ranging from 28 inches to 55 inches.
Chundu said the fridge assembly plant will also cost $1 million and would involve putting together over 15 parts to make chest freezers and the 3050 TMF model. Knockdown kits for the first year of operation are valued in the range of $7 million financed from Korea.
"After adding the value of the plant and fittings all to be financed from Korea, the investment scale is in excess of $10 million," Chundu said.
Chundu said the plant would be located at Sunway City along Mutare Road and would be complete by January 2016.
Cranbal Investments is the majority shareholder in ART Corporation.
Speaking at the signing ceremony in Harare, Cranbal Investments chairman Moses Chundu said they expected to spend $1 million on the television plant which would assembly TV sets ranging from 28 inches to 55 inches.
"After adding the value of the plant and fittings all to be financed from Korea, the investment scale is in excess of $10 million," Chundu said.
Chundu said the plant would be located at Sunway City along Mutare Road and would be complete by January 2016.
Source - newsday
