Trade deal expected to increase Hamilton Beach sales
A deal signed in Shanghai on Monday is expected to expand international sales for a Richmond-based appliance company.
The deal involves distributor YingLi and Yihaodian, a fast-growing e-commerce company, which will sell Hamilton Beach Brands products.
Through YingLi, Hamilton Beach has offered some appliances in the Chinese market since mid-2012. With this deal, Yihaodian will sell Hamilton Beach products to a wide range of Chinese consumers.
Yihaodian, which is 51 percent owned by Wal-Mart, has more than 30 million registered users in China.
Hamilton Beach is participating in the Virginia Economic Development Partnership’s (VEDP) two-year Virginia Leaders in Export Trade (VALET) program. The program, begun in 2012, helps Virginia companies expand their operations through exports.
The YingLi-Yihaodian agreement was announced by the office of Gov. Bob McDonnell who attended the deal signing during an Asian trade mission.
Hamilton Beach makes small electric household appliances, as well as commercial products for restaurants, bars and hotels. The company is a subsidiary of NACCO Industries Inc.