September 03, 2002 in Social Responsibility News

SEC to Open Refrigerator Facility in India

Details
- The factory is expected to produce refrigerators beginning in Q3 of 2003.
- The factory will be located on the premises of the SIEL plant in Nodia.
- SIEL will be in charge of factory operations.
- The investment is expected to total 24M USD.
- To finance the investment, SIEL will raise 12M USD through equity and 12M USD in
- debt issues from a local financial institution.
- SIEL is a subsidiary of SEC (73.87% equity) located in India.

Investment Purpose and Effect
- SEC needs to maintain its cost competitiveness by transferring its plant overseas.
- The investment is expected to improve SEC's profitability via price competitiveness and
- reduced factory costs.


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