Wal-Mart and the Walmart Foundation announced Thursday a new, $10 million fund to support innovation in U.S. manufacturing. Wal-Mart U.S. president and CEO Bill Simon made the announcement at the U.S. Conference of Mayors meeting in Washington, D.C.
The retailer and its foundation will fund the five-year program, which is to launch in March. The fund will make grants to projects aimed at creating new processes, ideas, and jobs in the U.S. manufacturing sector.
Wal-Mart also said one of its suppliers, Kent Bicycles, is moving overseas production to Clarendon, S.C. later this year. Kent expects to employ 175 people and assembling 500,000 bikes a year beginning in 2016.