Walmart Announces $350 Billion Investment Commitment into U.S. Manufacturing
BENTONVILLE, AR - What better investment strategy than one which bolsters your partners along the supply chain? Walmart certainly has its head in the game as the company has announced its goal of investing $350 billion in U.S. manufacturing over the next 10 years. The retailer estimates that this spend will support more than 750,000 new American jobs.
“U.S. manufacturing really matters,” said John Furner, President and CEO, who made the announcement at Techtronic Industries (TTI) in Anderson, South Carolina. “It matters to our suppliers, to entrepreneurs, and to the environment. It matters to our customers, more than 85 percent of which have said it’s important for us to carry products made or assembled in the U.S. And most of all, because of the jobs it brings, it matters to American communities and the people who live in them.”
In 2013, Walmart made a commitment to invest $250 billion in products made, grown, or assembled in America, according to a press release. Now the retailer is on track to deliver on that commitment, and even expand on it with this announcement.
Walmart has identified six priority categories for its investment, one of which is food processing. The impact of this commitment goes beyond products and jobs, though. It could result in an estimated reduction of as much as 100 million metric tons of CO2 emissions avoided by sourcing closer to customers, as well as an increase in spending with diverse suppliers based in the U.S., the press release stated.
In addition, Walmart will launch a new concept called “American Lighthouses,” with the goal of supporting U.S. manufacturing in a sustainable, long-term fashion. The retailer will unite key stakeholders in specific regions of the country to identify and overcome barriers to U.S. production. These will bring together participants from the supplier community, including manufacturers and NGOs, as well as others from academia, government, and local economic development groups.
Walmart’s announcement drew bipartisan support from federal officials who represent states that are home to Walmart suppliers.
“It is an honor to have Walmart’s CEO John Furner launch the company’s 10-year investment from TTI’s Anderson, South Carolina, facility,” said U.S. Senator Tim Scott, a Republican from South Carolina. “I am passionate about bolstering the American supply chain and creating more high-paying jobs in South Carolina and for folks all across the country. Congratulations and thank you to Walmart for the great impact you will continue to make on our nation’s economy.”
As we wait to see how this commitment will strengthen the fresh food sector, keep an eye out for reports from ANUK.