Agreement launches Virginia-based Hamilton Beach products into Chinese market
Gov. Bob McDonnell today attended the signing of a contract between YingLi, a distributor that specializes in e-commerce channel and high-end retailers, and Yihaodian, the fastest-growing integrated e-commerce company, 51 percent owned by Wal-Mart, with more than 30 million registered users in China, to sell Virginia-based Hamilton Beach Brands, Inc. (Hamilton Beach) products.
Hamilton Beach has been a leading small appliance company in the U.S. for more than 100 years and has had some products available in the Chinese market since mid-2012. This contract will further immerse the Hamilton Beach brand into China through its first official distributor, YingLi. Through this agreement, effective tomorrow, Yihaodian will sell Hamilton Beach’s products to Chinese consumers.
Hamilton Beach Brands, Inc. is a participating company in the Virginia Economic Development Partnership’s (VEDP) two-year Virginia Leaders in Export Trade (VALET) program. Launched in January 2002, the program assists exporters in the Commonwealth that have firmly established domestic operations and are committed to international exporting as an expansion strategy.
McDonnell witnessed the contract signing during a meeting with Yihaodian in Shanghai. The Governor is currently on a marketing mission to Asia.
Speaking about the contract signing in Shanghai, the governor noted, “It is an honor to be present for an historic event that further launches a Virginia-based company’s products into the Chinese consumer market, which is one of the largest and fastest-growing in the world. Hamilton Beach Brands, Inc. has thrived in the United States for more than a century, and through its first distributor, YingLi, will now grow its brand in a new international market. Through the company’s participation in the VALET program and the subsequent relationships that have developed with distributor partners and suppliers, I am confident that this contract will continue to enhance Hamilton Beach’s global footprint.”
“We are excited about this partnership between YingLi and Yihoadian,” said Brian Schwartz, Director of International Business Development at Hamilton Beach Brands, Inc. “Our entry into the Chinese market is an important focus of our International APAC and EMEA Division and supports our strategic initiative to expand in emerging markets.”
Hamilton Beach Brands, Inc. is a leading designer, marketer and distributor of small electric household appliances, as well as commercial products for restaurants, bars and hotels. Hamilton Beach products can be found in households and business throughout the world. Hamilton Beach Brands, Inc. is a wholly-owned subsidiary of NACCO Industries, Inc. (NYSE: NC), and is headquartered in Richmond, Virginia.
Hamilton Beach Brands, Inc. joined VALET as part of the 23rd class of the program. To participate, each eligible business must meet several quantitative criteria and complete an application process. Participating firms are chosen based on their dedication to growth through export. Currently, more than 188 Virginia companies have been accepted to participate in the VALET program.
Currently, the VALET program has 50 companies as participants. The program provides participating companies assistance from the Commonwealth and from a team of experienced international service providers to help meet their international goals. These private sector service providers, such as attorneys, website designers, bankers, translators, accountants and freight forwarders contribute essential expertise to assist companies in executing their export initiatives.
To learn more about VALET, visit www.ExportVirginia.org.