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Investing.com -- Logitech (NASDAQ:LOGI) International is making significant progress in shifting production out of China to mitigate the impact of U.S. tariffs, CEO Hanneke Faber said Wednesday.
Logitech aims to reduce the proportion of its U.S.-bound products manufactured in China to 10% by the end of this year. The company has already decreased this figure from 40% to "a little bit better than 30%" currently.
"We are well on track," Faber told Reuters following the company’s first-quarter results announcement.
The company is relocating production to several countries where it works with contract manufacturers, including Malaysia, Mexico, Taiwan, Thailand, and Vietnam.
"The manufacturing diversification that we’ve been doing out in Asia and in Mexico is exemplary," Faber noted. "We’re not seeing any material cost increases from moving stuff around and that’s quite a feat."
To offset tariff impacts, Logitech has raised its U.S. prices by 10% but does not plan additional price increases.
Faber indicated the company will continue investing in new products while managing costs amid economic uncertainty.
"The tariffs are not a small thing, but we’ve been super agile, changing plans at a moment’s notice," she said. "That’s what we’ll continue to do."
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