Walmart announced a $10 million fund on January 23, 2014, to award grants for innovation in USA manufacturing. It also said supplier Kent Bicycles would make 500,000 bikes a year in South Carolina after bringing production back to the USA.
The fund
Walmart U.S. President and CEO Bill Simon announced the five-year program at the U.S. Conference of Mayors meeting in Washington, D.C. Walmart and the Walmart Foundation would fund it and work with the Conference of Mayors to launch it in March 2014. The grants were meant to support new processes, ideas and jobs in USA manufacturing. A Walmart spokeswoman told the Los Angeles Times that grants would be aimed at universities and think tanks, with more details coming in March.
“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,” Simon said.
Kent Bicycles
At the same meeting, Walmart announced a supplier commitment from Kent Bicycles to bring bicycle production and jobs to South Carolina. Walmart said Kent would produce 500,000 bikes a year there after bringing production back to the USA.
Context
In 2013, Walmart pledged to buy an additional $50 billion a year in USA products within 10 years, which it estimated would add up to $250 billion over the decade. Walmart also said it would hold its second U.S. manufacturing summit in Denver in August 2014.
Source & credit
Source: Walmart: “Walmart Announces $10 Million Fund to Spur Innovation and Support U.S. Manufacturing”, January 23, 2014.
Additional sources: Los Angeles Times: “Wal-Mart creates $10-million fund to spur U.S. manufacturing”, January 23, 2014; FashionUnited: “New Walmart fund to profit garment production”, January 28, 2014.