Walmart makes $350B pledge to support US manufacturing
Walmart estimates funds will support more than 750,000 new American jobs
Walmart said Wednesday that it will spend an additional $350 billion over the next 10 years to support American manufactures.
The additional funds will be spent on items that are made, grown or assembled in the country, which Walmart's chief executive John Furner estimates will result in more than 750,000 new American jobs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 92.50 | +0.62 | +0.67% |
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"We wanted to bring great new products to our customers that are sourced locally, and we wanted to support more jobs in the U.S.," Furner said in a statement on Wednesday.
The company will focus its investment on domestic manufacturers that produce plastics, textiles, small electrical appliances, food processing, and pharmaceutical and medical supplies.
"The result is more jobs for Americans – a lot more jobs," Furner said.
The company's commitment began in 2013, investing "$250 billion in products made, grown or assembled in America."
A Walmart associate assists a customer. (Creative Touch Imaging Ltd./NurPhoto via Getty Images)
Now, with "more businesses are choosing to establish their manufacturing operations in the United States," Furner believes Walmart can do more to support American jobs.
He pointed to one of its suppliers in South Carolina, Techtronic Industries (TTI), as an example.
To date, TTI employs more than 1,500 people and assembles products that are sold in Walmart stores and on Walmart.com. However, over the next two years, the company plans to double its headcount at the Anderson facility.
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By focusing on local suppliers, Walmart said it will be able to reduce its carbon emissions by 100 million metric tons.
Its latest commitment will also increase its "support for small businesses and diverse suppliers and sellers who are based here in the U.S."
Roughly, 9,000 entrepreneurs will also be given the opportunity to become suppliers and sellers through the company's annual Open Call events thanks to the added funds, Walmart said.