Thermos to invest P1.62B in Batangas

MANILA, Philippines - Japanese maker of stainless steel vacuum flasks Thermos Co. is investing an initial amount of P1.62 billion for a new factory in Batangas, according to the Department of Trade and Industry (DTI).

According to the DTI, Thermos executives discussed the firm’s plan to invest in a factory in the country during a recent meeting with Trade Undersecretary Ponciano Manalo, Jr.

The firm intends to put up an 11,600-square meter plant at the First Philippine Industrial Park II in Sto. Tomas, Batangas.

The plant would have an initial production capacity of 10 million units per year.

The firm has registered the planned project with the Securities and Exchange Commission under the name Vacuumtech Philippines, Inc. Thermos Philippines incoming president Yoshihasu Tamaru said the company would begin construction of the facility this month.

The construction of the facility is expected to be completed by September next year and production operations would begin in December of the same year.

The project is expected to create 1,500 to 2,000 jobs by 2019.

Thermos products are being developed in Japan and sold in approximately 20 countries and territories worldwide.

The firm’s parent firm Taiyo Nippon Sanso has interests in steel, chemical, electronics, automobile, construction, shipbuilding, and food industries.

Manalo is hopeful the company would also consider producing its other product lines such as vacuum insulated cooking pots and storage containers, in the Philippines.

The Philippines aims to attract more investments particularly in the manufacturing sector to create jobs and to achieve inclusive economic growth.