China WFOE Registration Service
Hotline: 86-755-82143348 Email: anitayao@citilinkia.com
ATAHK reads from Xinhua Net that U.S. appliance-maker Whirlpool Corporation received approval from the China Securities Regulatory Commission to acquire a 51 percent stake in the Shanghai-listed Hefei Rongshida Sanyo Electric Co. Ltd (Hefei Sanyo). For details, please refer to the following news from Xinhua Net on September 16th:
.jpg)
It is the final approval required for the acquisition process.
The transaction will cost Whirlpool 3.382 billion yuan (550 million U.S. dollars), according to the statement.
China will become the world's largest white goods market and is the focus of Whirlpool's global layout. The acquisition will combine Whirlpool's technologies with Hefei Sanyo's local market expertise to grow its market share, according to the statement.
Michigan-based Whirlpool, with an annual sales revenues of more than 18 billion U.S. dollars, entered into the Chinese market in 1994 but has lagged behind local brands like Haier.
Contact us
If you are interested in Chinese economy or trading and new policies between China and foreign countries, you can rely on ATAHK to do varieties kinds of trading and grab the new policy news. You are welcome to contact ATAHK anytime, simply by calling us at 86-755-82143422 or visit www.3737580.net.