Glen Dimplex, the privately owned electrical products group is to establish a joint venture in China.
Shenyang Dimplex Electronics Limited will manufacture night storage heaters at a manufacturing facility to be built in Shenyang, in China.
Glen Dimplex is owned by businessmen Mr Martin Naughton and Mr Lochlann Quinn and has a worldwide workforce of 8,500 and turnover of €1.3 billion. Some 2,500 of its staff are based in North and South Ireland.
The main markets targeted by the new venture will be China, North Korea and the Asian countries of the former USSR.
Coupled with it financial investment Glen Dimplex will licence its technology for the manufacture of night storage heaters.
Chief executive Mr Sean O'Driscoll said the company expected good returns due to China's cold winter climate and the recent introduction of low night rate electricity prices for domestic users.
"We see significant potential for night storage heaters in this vast and rapidly developing market," he said.
Partners in the new venture are Liaoning Electric Power Development and Shenyang Huali Energy Equipment. Glen Dimplex will also licence the "Dimplex" brand name to the joint venture company.
Last week, Glen Dimplex paid an estimated €65 million for the largest Irish distributors of its products; Dimpco and Brownbrook. These companies have a combined workforce of 100 in Cloghran, Co Dublin and Craigavon, Co Armagh.
In a separate development, Glen Dimplex has acquired a 25 per cent shareholding in Norway's NOBO Electro, which has a turnover of €35 million and employs 200 people.
