Peru. With an investment of close to US$7 million, the Canadian LED lighting products manufacturer, LH LEDs, opened its first headquarters in Peru, a country from which it plans to concentrate all its efforts to expand in Latin America.
According to statements by the company's representatives, the decision to start in Peru was due to the result of a market study in the region that they executed since 2010 to find which was the country with the greatest growth potential.
The result of this study showed that Peru only had an LED lighting penetration of 7%, which is why it offers great growth potential. Similarly, the second country to which they prepare their entry is Chile.
In total, LH LEDs has allocated US$30 million for the expansion plan in Latin America over the next five years, with which it expects to enter the markets of Colombia, Brazil, Ecuador and Argentina.
Its expansion strategy includes the opening of offices with commercial representations, as well as distributors in the intermediate cities of each of these countries. The company has high expectations for growth with this investment. At the end of 2012 they expect a turnover of 10% compared to last year.
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