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Chinese Billionaire Employing Thousands at New Factory in Ohio

Chinese Billionaire Employing Thousands at New Factory in Ohio

Chinese billionaire Cho Tak Wong at the grand opening of his auto glass factory in Moraine, Ohio on Oct. 7. (AP)

By    |   Wednesday, 26 October 2016 10:37 PM

Chinese billionaire Cho Tak Wong has opened a factory in Ohio that employs 2,000 Americans — marking a change in how international business with China is conducted.

The Washington Post profiles Cho, who made a recent visit to his Moraine, Ohio auto glass factory. Cho, the chairman of Fuyao Glass Industry Group, is unhappy with the pace of hiring and a sluggish employee bonus program. Employees said some of Cho's Chinese managers are too demanding.

Still, the massive factory that occupies a footprint of 41 football fields, according to the Post, houses a Chinese company — one that purchased the factory from General Motors. The situation is the exact opposite of what many companies do, which is maintain a headquarters in the U.S. and produce product in China because of the cheaper labor.

"We're committed to working to benefit both the Chinese and American trade relations," Cho told the Post through a translator. "All these problems will go away."

The topic of China and trade has been one of Donald Trump's biggest points of argument during his presidential campaign. He claims China is winning against the U.S. on trade and manipulates currency, and he's tired of U.S. companies relocating there.

Trump does believe, however, that China would be in "serious trouble" without the U.S.

"They take tremendous amounts of dollars out of the United States,"Trump said in September. "Without us, China would be in tremendous problems and we should be able to do that. But we don't have leadership, we don't have the people that can get them to do that."

According to Forbes, Cho is worth $1.79 billion and is the 1,198th richest person in the world. He has staked a lot on his Ohio factory, about $1 billion, according to the Post.

"This USA is his baby, plant operations manager Mike Fullenkamp told the Post.

Cho said the plant is not yet running at full steam.

"I should be satisfied. But in comparison to my plants in China, there's still a large gap," he said.

Ohio Gov. John Kasich helped woo Fuyao Glass to the state with an economic package worth $10.6 million in various grants. The company also received a job creation tax break of 75 percent over 15 years, according to the Toledo Blade.

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Chinese billionaire Cho Tak Wong has opened a factory in Ohio that employs 2,000 Americans — marking a change in how international business with China is conducted.
china, billionaire, factory, ohio
377
2016-37-26
Wednesday, 26 October 2016 10:37 PM
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