Whirlpool CEO says Trump tariffs create 'level playing field' for US manufacturing expansion

Whirlpool Corp. announced plans on Wednesday to invest $300 million in its Ohio laundry manufacturing facilities.The investment from Whirlpool, announced Wednesday, is part of a series of strategic commitments it's made to grow its American manufacturing footprint and will increase production of its next generation of washers and dryers in Clyde and Marion. It will also create between 400 and 600 jobs across its Ohio operations as well as support approximately 5,000 additional jobs outside the company, the company said."Whirlpool Corporation’s unwavering commitment to American manufacturing is a cornerstone of our identity," Whirlpool Corporation CEO Marc Bitzer said.JPMORGAN CHASE LAUNCHES $1.5 TRILLION PLAN TO BOLSTER US ECONOMIC AND NATIONAL SECURITYAdditionally, Bitzer believes the tariffs will finally level the playing field for the company and boost its competitive position.Nearly 80% of Whirlpool products are manufactured domestically, which the company says is significantly higher than the 25% competitor average. For instance, it also noted that 96% of the steel used in its U.S. plants is sourced from domestic suppliers. Whirlpool’s U.S. production base shields it from much of the cost impact, while rivals like Samsung and LG will face higher prices."What the tariff policy does, it makes a business case, an economic business case, just much more attractive," Bitzer told FOX Business Network's Lydia Hu. The chief executive said that the company may have scaled down, postponed or even "hesitated" to make its $300 million investment.GE APPLIANCES INVESTS $3B IN US MANUFACTURING OPERATIONSBut now, "any investment is a bet for the future," he said. "So, yes, our bet is that these tariff policies stay, it creates a level playing field and, therefore, these economic investments generate profitable returns." Its recent investment comes in addition to the $6 billion the company has invested in U.S. capital expenditures, R&D and new product development. This is only a fraction of the $23 billion Whirlpool said it has spent on its U.S. operations, logistics and workforce. Whirlpool Corp. was founded more than 110 years ago and currently maintains the largest U.S. manufacturing operations in the home appliance industry. It touts itself as the only major U.S.-based manufacturer of kitchen and laundry appliances that employs 20,000 employees in the U.S., including over 14,000 at its 10 manufacturing plants. ELI LILLY INVESTING $27B MORE IN US MANUFACTURING"We are proud to reinforce our commitment to the communities and plants where generations have not only built appliances but careers, families and futures," Kristin Day, vice president of U.S. manufacturing at Whirlpool, said. "This investment builds on that legacy, enhancing our manufacturing capabilities and ensuring we can continue producing world-class appliances right here in America."GET FOX BUSINESS ON THE GO BY CLICKING HEREWeiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business