WeWork, the New York-based flexible office giant, has announced a $500 million investment in a new vehicle to fund its expansion in Southeast Asia and South Korea, in another milestone for the region’s co-working sector.
In tandem with the investment, WeWork is also acquiring Singapore-based co-working provider Spacemob for an undisclosed amount, and appointing its founder and CEO, Turochas “T” Fuad, as WeWork’s managing director of Southeast Asia.
The US startup has also named Matt Shampine, currently WeWork’s head of marketing and revenue for Asia, as general manager of Korea.
“Today’s announcement reaffirms WeWork’s commitment to scaling our business across Asia,” Miguel McKelvey, Co-Founder and Chief Culture Officer of WeWork said in a statement.
The entrepreneur, who started Wework in 2010 with partner Adam Neumann added, “I speak for the entire WeWork team and our 130,000 members when I say I am incredibly excited to have T and the team from Spacemob join us in our mission to create a world where people work to make a life, not just a living.”
WeWork Finds Partners for Asia Drive
The move comes less than two weeks after WeWork unveiled a $500 million fundraising round to fuel its expansion in mainland China.
That earlier round of Asia-targetted financing came shortly after the $20 billion startup said it was teaming up with Japan’s SoftBank to bring its co-working model to Tokyo.
Regulation can hinder not help Asia’s social enterprises, analysts say
Thailand last week passed a new act that gives tax breaks for social entreprises
French MRO Revima to build landing gear facility in Chonburi
The French landing gear MRO provider has started construction of a new facility in Chonburi, Thailand
The facility will focus on Airbus A320, Boeing 737 and ATR family landing gears. It will be equipped with the latest state-of-the-art machines and will include all necessary special processes for full in-house repair & overhaul of landing gears.
The French landing gear MRO provider has started construction of a new facility in Chonburi, Thailand.
The 12000 m2 facility will employ up to 300 employees, and represents an investment of over 30 MUSD.
“We found Thailand to be a great choice due to its central location in Asia, its infrastructure, ease of doing business and workforce quality. Thailand will become our regional customer support hub for Asia-Pacific. Our objective is to deliver quality and customer service of the highest standards in the region to support our customers’ operations. We aim to have our facility fully certified and ready to ship to our customers by the first quarter of 2020.”
Olivier Legrand, President & CEO of Revima
Digitally connected from its machines to its technical documentation, warehouses, monitoring and customer communication systems, it will also be environmentally friendly, with zero rejection waste water management systems and advanced fire detection and suppression technology.
Hino To establish a development and production base in Thailand
Once the factory begins operation in 2021, Hino will first start off by producing vehicles for the domestic Thai market
Japanese motor Company to push forward with locally led manufacturing of best-fit products to quickly respond to customer needs in close proximity
Under this new setup, Hino will be constructing a new center in Bang Bo, Samutprakarn Province to consolidate and strengthen our product planning, development, and production functions for best-fit products in ASEAN.
The site has an area of roughly 400,000 sqm. Construction is scheduled to begin in July 2019 with operations to begin in 2021.
The new center will consist of the new plant’s production area, and a development area centered around a test track. The total investment amount is expected to be roughly 11.5 billion yen.
Operations to begin in 2021
Once the factory begins operation in 2021, we will first start off by producing vehicles for the domestic Thai market, and expect to begin supplying ASEAN best-fit vehicles to other emerging markets by roughly 2024.
Hino Motors, Ltd. (HQ: Hino City, Tokyo, President & CEO: Yoshio Shimo; hereafter “Hino,”) and Hino Motors Manufacturing Thailand, Ltd. (HQ: Samrong, Samutprakarn Province, President: Somchai Pleankaew; hereafter “HMMT”), our manufacturing company in Thailand, in order to achieve our vision of “Corporate strategy 2025” and enable us to respond to customer needs in close proximity, will be taking steps in Thailand, one of our key centers of operation, to accelerate our efforts to strengthen our business foundation in ASEAN.
By newly appointed Mr. Somchai Pleankaew, who has an exceptional career background with Hino, to president of HMMT, we will be creating an organizational setup that will enable us to drive our business in a locally led manner.
Mr. Somchai Pleankaew, who assumed the office of president of HMMT as of Feb 1 has this to say:
HMMT will put all of our effort to make this project successful in order to enable the growth of our company. Our aim is to serve all customers to their greatest satisfaction by providing the best-fit products and total support customized for each vehicle.
In addition, as a center of Monozukuri, including product planning, development, and production, as well as Total Support in ASEAN, Hino Thailand will collaborate and go forward with Hino in ASEAN in order to grow and strengthen together to support the growth of our customers’ businesses in the ASEAN region.
The Hino Group will be reforming its business structure to achieve sustainable growth leading up to 2025. We position Thailand as one of our key markets for sales in the ASEAN region, our second pillar after the Japanese market. The country is also one of our key business centers and a driver of Monozukuri and Total Support within the region.
The new center to be constructed will consolidate and strengthen our product planning, development, and production functions in Thailand.
New center overview
|Name||Suvarnabhumi Monozukuri Center|
|Location||Bang Bo, Samutprakarn Province|
|Site area||400,000 sqm|
|Functions||Product planning, development, and production of Hino vehicles|
|Products produced||Light- and medium-duty trucks and buses|
|Operation startup date||Scheduled for 2021|
|Employees||Approx. 1,300 (at the time of operation startup)|
As a “Monozukuri Center” it will be designed with the capability to commercialize and supply ASEAN best-fit products locally and consistently. In addition to increased coordination between different functions, we will be taking steps in product development to push forward with localization of product development by upgrading organizational setups and constructing a new test track so that we will be able to respond to customer needs quickly and accurately at close customer proximity. In the area of production, the production functions that are currently distributed across existing plants in Thailand will be consolidated at the new center to improve production efficiency.
Furthermore, know-how from the Koga Plant―our global mother plant―will be actively incorporated into the plant to create a system that will enable us to deliver competitive products to our customers in a timely fashion.
Four major EEC infrastructure projects reviewed
The Thai government is advancing four infrastructure projects in the Eastern Economic Corridor (EEC)
Equitable investment in human capital is vital for Thailand’s future
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