China’s biggest air conditioner maker, Gree Electric Appliances (000651.SZ), is looking to set up a US factory to raise its international profile and challenge United Technologies’ (UTX.NYSE) Carrier unit, Bloomberg reported. Expanding overseas would be an important step for Gree, which is seeking to tap new markets as competition intensifies at home. The Zhuhai-based company has lost 6.9% of market value in Shenzhen trading this year, compared with the 14% decline in China’s benchmark Shanghai Composite Index. Meanwhile, US sales have expanded 20% annually on average over the past five years. Gree, which made cooling units for some stadiums in this year’s World Cup in South Africa, currently produces its products in China, Brazil, Pakistan and Vietnam. In the US, Gree would compete against Carrier, the world’s largest manufacturer of air conditioners with 2009 sales of US$11.4 billion.
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