Whirlpool Corporation has completed its acquisition of a majority interest (51 percent) in Hefei Rongshida Sanyo Electric, a leading home appliances manufacturer based in Hefei, China.
Another important step in the company history. Hefei Rongshida Sanyo Electric has, in fact, a significant presence in rural markets, which will complement Whirlpool’s presence in China’s higher-tier cities. With this acquisition, Whirlpool also will gain manufacturing scale and a competitive cost structure in the city of Hefei. In connection with the acquisition, the name “Hefei Rongshida Sanyo Electric Co., Ltd.” will be changed to “Whirlpool China Co., Ltd.” The name change is subject to customary registration and approval processes, after which the name on the Shanghai Stock Exchange will be changed accordingly.
“We are pleased – said Jeff Fettig, chairman and ceo of Whirlpool Corporation – to have completed our acquisition of a majority stake in Hefei Sanyo and are confident that this investment will accelerate Whirlpool’s profitable growth in the very important Chinese appliance market. Whirlpool has a history of more than two decades in China and this milestone reinforces our long-standing commitment to this region.”
Hefei Sanyo has a management team with a proven record of driving growth and profitability. The company also has an established and broad distribution network that includes more than 30,000 outlets nationwide.
