Whirlpool acquires Hefei Sanyo

18 Sep, 14

Whirlpool will hold 51% stake in Hefei Rongshida Sanyo Electric Company

Whirlpool Corporation is set to acquire a 51% stake in Hefei Rongshida Sanyo Electric Company, with the acquisition expected to be completed at the end of the third quarter or early fourth quarter of 2014.

It forms part of Whirpool’s long-term strategy to grow its position in the Chinese market. 

Hefei Sanyo boasts the Sanyo, Roshida/Royal Star and Diqua brands, with the main products being washers, refrigerators and microwave ovens. It was established in 1994 and last year reported revenue of $866m. 

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The investment by Whirlpool is part of the company’s commitment to enhance Hefei Sanyo’s research and development and product innovation capabilities.

Jeff Fettig, chairman and CEO of Whirlpool Corporation said: “This is a significant milestone in bringing our companies together, and we look forward to delivering increased value for the Chinese consumer and leveraging our global enterprise for greater efficiencies.”