World Toymaker Lego to build $1bn factory in Vietnam
Inside Michelle Bridges' lavish party for son Axel's sixth birthday
Michelle Bridges has thrown her son Axel a lavish sixth birthday party.And the former Biggest Loser trainer opted to throw the youngster a lavish party for his sixth birthday on Sunday.
Lego has announced plans to build a new manufacturing operation in Vietnam to keep up with growing demand for its products in Asia.
The toymaking giant said it will invest more than $1bn (£760m) in the project, which will be near the country's main business hub of Ho Chi Minh City.
It will be the Danish company's second factory in Asia after it opened a plant in China five years ago.
The firm has seen double-digit growth in the region since 2019.
"We are very grateful for the support of the Vietnamese government in helping us achieve our ambition to build our first carbon neutral factory," Lego's Chief Operations Officer Carsten Rasmussen said in a statement.
China’s Xi promises 1bn COVID-19 vaccine doses to Africa
Xi pledges to donate 600 million doses of vaccine directly, with a further 400 million doses coming from other sources.The pledge of additional vaccine doses – on top of the nearly 200 million that China has already supplied to the continent – comes as concerns intensify about the spread of a new variant of the coronavirus, known as Omicron, which was first identified in southern Africa.
Construction on the site is due to start next year, with plans to match its energy consumption with solar panels on its roof and on a nearby farm.
Video: UPS Supply Chain Solutions discusses launch of Asia-Pacific innovation center (CNBC)
Production at the plant is set to begin in 2024 and is expected to create up to 4,000 jobs over the next 15 years.
It is the latest development in Lego's decade-long strategy of building production plants close to key markets, and comes after companies around the world have faced global supply chain issues during the coronavirus pandemic.
"This provides the flexibility to respond quickly to shifts in local consumer demand, shortens the supply chain, and reduces the environmental impact of shipping long distances," the company said.
China factory activity edges up in November as power shortage eases
Manufacturing activity in China edged up in November on the back of an easing in power shortages and a drop in some raw material costs, official data showed Tuesday. The Purchasing Managers' Index (PMI) -- a key gauge of manufacturing activity -- in the world's second-biggest economy rose to 50.1, returning above the 50-point mark separating growth from contraction after two months. The latest data from the National Bureau of Statistics was also better than a 49.7 reading expected by a Bloomberg poll of analysts.
Although the company also said that its decision to build the plant in Vietnam had not been accelerated by recent supply chain disruptions, some experts have said it can be a lesson to other companies struggling to get their products to customers.
"What they're doing is what we should have done a long, long time ago, which is hedge our bets. If you see demand coming from a certain direction, you've got to have alternatives," according to Paula Rosenblum, managing partner of RSR Research.
However, the past two years have been challenging for some multinational companies with manufacturing facilities Vietnam.
as Covid-19 spread through factories.
You may also be interested in:
In the ruins of the Mayfield plant, the hope of an improbable miracle .
© AFP C ' was a banal and modern industrial building. A wide and low structure, with some windows and an acronym proudly sported: "MCP, Mayfield Consumer Products". In this factory, dozens of employees were trapped on Friday night when the most powerful tornado of the history of Kentucky, and perhaps even United States . They were 110 to make aromatic candles and ambient perfumes. Fashionable objects, at the end-of-year holiday approach. And the plant turned full speed, including evening.