TCP Group unveils more than USD 150 million of investment to expand Red Bull operations in China over the next three years
Investments will help to further expand TCP's presence in the Chinese market by supporting its local partnerships, establishing a new representative office, in-country team, and manufacturing centers as well as supporting the launch of new Red Bull products and other innovative products from TCP's global portfolio.
The Huairou District Party Committee and the Huairou District government in Beijing is helping TCP to establish its new operations. TCP's new investments are expected to drive major increases in the production and sale of Red Bull products
TCP remains unwavering in its determination to continue contributing to the development of China's economy and society during these difficult times -- TCP hopes its investment will spur economic growth, create jobs and contribute to China's sustainable development.
TCP Group, the inventors and owners of the Red Bull brand and trademarks in China and globally, today announced a series of investments totaling more than USD 150 million over the next three years in China. Marking the beginning of an exciting new chapter for Red Bull, the investments will further expand TCP's presence in the Chinese market by supporting its local partnerships, establishing a new representative office, in-country team, and manufacturing centers as well as supporting the launch of new Red Bull products and other innovative products from TCP's global portfolio.
Mr. Saravoot Yoovidhya, Chief Executive Officer of TCP Group
New investments to expand TCP's presence in China
As part of the investments, TCP has carried out a series of feasibility studies aimed at exploring the possibility of opening new manufacturing centers in China. TCP is committed to investing further in the Huairou District by opening a new manufacturing center. The local government has been providing support and assistance to facilitate this undertaking despite the many challenges presented by the COVID-19 pandemic.
Recognizing the need to establish a more permanent presence in China, TCP has set up a company. This new foundation and new in-country employee base will help TCP to better enhance its marketing and R&D capabilities by better understanding the needs, habits, and preferences of local consumers and to develop products that can even better meet their particular needs. As the China marketplace continues to evolve rapidly, TCP's new in-country capacity will ensure the demand from its Chinese customers is met through constant innovation and the introduction of new products in the very near future.
Mr. Saravoot Yoovidhya, Chief Executive Officer of TCP Group, said, "TCP is proud to unveil our planned investments of more than USD 150 million over the next three years in the Chinese market. China, as my family's ancestral home, has always been at the front and center of our ambitions to become a global 'House of Brands,' and our new commitment will help make that aspiration a reality, by strengthening our foundations in-country and therefore empowering TCP to bring the very best of Red Bull to Chinese consumers. We are grateful to the Beijing Municipal Government, Huairou District Party Committee and the Huairou District Government for always providing such an excellent business and investment environment and thank them for their support for our next phase of expansion. We hope that through these efforts in Huairou, we can achieve our common goals in terms of economic growth as well as continue to build upon TCP's longstanding commitment to China by contributing to its sustainable development."
