By Kris M. Crismundo
MANILA, Nov. 11 (PNA) — Thermos, the Japanese stainless steel vacuum flasks maker, is investing in a Php1.62-billion manufacturing facility in the country, Department of Trade and Industry (DTI) Undersecretary Ponciano C. Manalo Jr. said Tuesday.
According to Manalo, DTI recently met with top executives of Thermos — which is under Taiyo Nippon Sanso — who announced its decision of putting up a manufacturing plant particularly in the First Philippine Industrial Park II in Santo Tomas, Batangas.
Thermos, the world’s largest producer and seller of stainless steel vacuum flasks, has registered its business at the Securities and Exchange Commission (SEC) as Vacuumtech Philippines, Incorporated.
Manalo said the Php1.62-billion initial investment of the Japanese firm here will include construction of 11,600-square meter manufacturing plant on over seven hectare land in Batangas.
He added that Thermos Philippines incoming president Yoshihasu Tamaru is expected to announce the projected construction of the manufacturing plant this November and completion by September 2015.
The company also targets to start its operation December next year with initial annual production capacity of 10 million units.
The local arm of Thermos will also generate up to 2,000 jobs by 2019.
“Taiyo Nippon Sanso, the mother company of Thermos, has interests in steel, chemical, electronics, automobile, construction, shipbuilding, and food industries,” DTI stated.
The Japanese conglomerate has invested in Europe, United States of America, and Asia and Oceania.
Prior to Thermos, Taiyo Nippon Sanso’s investments in the Philippines include Ingasco, Inc., Pilipinas Total Gas, Inc., and Taiyo Nippon Sanso Philippines, Inc. (PNA)