Whirlpool buys controlling stake in JV
Print Edition
Home appliance maker Whirlpool Corp said it will buy a controlling stake in Hefei Rongshida Sanyo Electric Co for US$552 million to expand in China’s washing machine and fridge market.
Hefei Rongshida Sanyo was set up in 1994 as a joint venture between Japan’s Sanyo Electric Co, now a unit of Panasonic Corp, and Heifei State-owned Assets Holding Co, the investment arm of the local government.
Whirlpool, known for its Maytag and KitchenAid brands, said it would buy a 51 percent stake in the company by acquiring Sanyo Electric’s stake and through a private placement.
“Whirlpool has a strong presence in China’s higher tier segments, this acquisition allows the company to build on, complement and grow its position in the emerging Chinese market,” CEO Jeff Fettig said.
The deal will help the world’s largest appliance maker boost its sales in Asia, which provided 5 percent to its total sales of US$4.7 billion in the second quarter.
Hefei Rongshida Sanyo makes washers, refrigerators and microwave ovens under the Sanyo, Royal Star and Diqua brands, and competes with Haier Electronics Group Co and GD Midea Holding.
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