Post : 1 Mar 2024

Strong Collaboration for Mutual Success - Midea Group Officially Establishes Presence in CPGC Industrial Estate

On February 23, 2024, MIDEA INTELLIGENT MANUFACTURING (THAILAND) CO., LTD. officially signed a land purchase agreement with CG Corporation Co., Ltd. in CG head office in Bangkok, Thailand.

As one of the key markets for Midea Group's overseas strategic layout, MIDEA INTELLIGENT MANUFACTURING (THAILAND) CO., LTD. will purchase land and construct a manufacturing factory in CPGC Industrial Estate developed by CG Corporation Co., Ltd., aiming to expand its global market presence. Serving as Midea's new major refrigerator production base in Thailand, this project spans an area of 100,000 square meters, with a workforce exceeding a thousand employees and an annual production capacity of millions of units, capable of manufacturing various product categories including side-by-side, French door, and cross-door refrigerators.

CPGC is an industrial estate project jointly operated by CG Corporation Co., Ltd. and the Industrial Estate Authority of Thailand (I-EA-T). It aligns closely with Thailand's Industry 4.0 national developmentstrategy. Located in the industrial city, namely Rayong, within the Eastern Economic Corridor (EEC), CPGC covers an area of over 3000 rai, which providing well-established infrastructure and professional services for investors, and committed to be an eco-friendly and smart industrial estate. Investors with business operation within CPGC not only benefit from incentives provided by the Board of Investment (BOI) of Thailand, but also enjoy investment promoting incentives from EEC.

CG Corporation Co., Ltd., a professional industrial real estate developer and operator jointly established by CP Land under the conglomerate CP Group of Thailand and Guangxi Construction Engineering Group, have robust financial strength and expertise in large-scale industrial estate development and operation. We believe that, the decision of MIDEA INTELLIGENT MANUFACTURING (THAILAND) CO., LTD. to partner with CG Corporation will facilitate Midea's further expansion in Thailand and global market penetration. Both parties are committed to leveraging this opportunity to strengthen cooperation, striving for mutual benefit. CG Corporation and CPGC will provide strong support tothe project throughout the whole business journey in CPGC. The signing of this agreement signifies the formal establishment of a strong collaboration between the two sides, and fostering mutual success and creating brilliance together.