updated - August 3, 2020 Monday EDT
Wal-Mart established $10 million to spark new products and assist manufacturing in the United States the company said in a press release on the company's website.
The retailer is collaborating with the Wal-Mart Foundation to cover the five year project's cost the press release reported. The United States Conference of Mayors is also involved, and will unveil the program in March the press release reported.
"If we want to grow manufacturing and help rebuild America's middle class, we need the brightest minds in our universities, in our think tanks, and in our towns to tackle obstacles to U.S. manufacturing," Bill Simon, president and CEO said in a statement. "The $10 million fund will identify and award leaders in manufacturing innovation and help us all work together to create opportunity," Simon said in the statement.
Wal-Mart is putting the money towards grants for inventors throughout the manufacturing industry, and finding ways to further the field the press release reported.
Bicycle maker, Kent Bicycles will re-locate production facilities to South Carolina from municipalities overseas the press release reported.
"We look forward to bringing production to South Carolina," Arnold Kamler, owner of Kent Bicycles said in a statement. "Our company moved all manufacturing overseas in 1990 because it was so much more cost effective," Kamler said in the release. "When Walmart made its commitment to U.S. manufacturing last year, it opened our eyes to restarting some manufacturing here. We attended Walmart's August manufacturing summit and were able to focus our efforts quickly and make things happen with South Carolina," Kamler said in the release.
"Those that have already taken the risk to move or expand manufacturing in the U.S. tell us they are experiencing a first-mover advantage-a significant leg-up in terms of market-share and momentum," Simon said in the release. "Kent Bicycles is taking the opportunity to become one of those first-movers with its facility in South Carolina," Simon said in the release.
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