MANILA, Philippines–Japanese firm Thermos, the world’s biggest manufacturer and seller of stainless steel vacuum flasks, will invest an initial P1.62 billion to put up a manufacturing facility in the Philippines.
The production plant, which is expected to generate as much as 2,000 new jobs, will have an initial production capacity of 10 million units a year, the Department of Trade and Industry reported on Tuesday.
According to Trade Undersecretary Ponciano Manalo Jr., the construction of the 11,600-square meter Thermos facility on a 7-hectare area at the First Philippine Industrial Park II in Santo Tomas, Batangas, would start this month.
Citing the report made by Thermos Philippines incoming president Yoshihasu Tamaru, Manalo said that construction was targeted for completion by September next year while commercial operations would start by December 2015.
Thermos registered its investment project at the Securities and Exchange Commission (SEC) under the name Vacuumtech Philippines Inc.
The Philippine trade official said he was hopeful that Thermos and its parent company Taiyo Nippon Sanso would also consider producing other globally recognized product lines such as vacuum insulated cooking pots and storage containers in the Philippines.
Apart from Thermos products, which are sold in some 20 countries and territories worldwide, Taiyo Nippon Sanso also has interests in steel, chemical, electronics, automobile, construction, shipbuilding and food industries.
Manalo was in Tokyo last week to meet senior executives of Japan’s major trading houses and to address an investment seminar for 150 heads and representatives of Yokohama-based small and medium enterprises (SMEs). These events were organized by Yokohama Bank, Hamagin Research Institute and Industrial Development Corp.
Yokohama is part of Kanagawa Prefecture, with a gross prefectural output amounting to 29.8 trillion yen or $298 billion. Yokohama’s profile includes shipping, semiconductors, heavy industries, knowledge-based and technological industries focused on research and development and manufacturing.