HP to invest US$12mn in Tierra del Fuego to make laptops

- Tuesday, July 19, 2011

HP to invest US$12mn in Tierra del Fuego to make laptops

HP (NYSE: HPQ) will start manufacturing laptops in Argentina's Tierra del Fuego province in November, the industry ministry said in a statement.

In association with local company Newsan, HP will invest US$12mn to set up facilities and to start assembling locally made hardware into computers.

HP's production facilities will generate 250 jobs and manufacture 214,000 notebooks by end-2012, substituting US$71mn in imports.

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For 2013, production is expected to reach 341,000 units, worth US$112mn.

By the end of 2012, 50% of HP laptops sold in Argentina are expected to be locally manufactured, and this figure is seen increasing to 70% by December 2013.

Argentina's government passed several laws in late 2009 to provide fiscal benefits to companies that manufacture or assemble products in Tierra del Fuego, the country's southernmost province.

Since then, close to US$370mn has been invested in the province.