BENTON HARBOR, Mich.,
Oct. 24, 2014 /PRNewswire/ -- Today
Whirlpool Corporation [NYSE: WHR] completed its acquisition of a
majority interest (51 percent) in Hefei Rongshida Sanyo Electric
Co., Ltd. [600983: Shanghai], a
leading home appliances manufacturer based in Hefei, China.
"We are pleased 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,"
said Jeff Fettig, chairman and CEO
of Whirlpool Corporation. "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. Their significant
presence in rural markets complements 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.
This investment reflects Whirlpool's continued confidence in the
China market and is a logical
extension of both companies' growth trajectories to date. This
acquisition will further advance the city of Hefei as an important
global production and research and development center for the home
appliance sector.
The ability to consolidate operations offers strong synergies as
Whirlpool will provide extensive technical, marketing and product
development, combined with Hefei
Sanyo's sales execution and operational strengths, to
support the next phase of development.
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.
About Whirlpool Corporation
Whirlpool
Corporation is the world's leading global manufacturer and marketer
of major home appliances, with annual sales of approximately
$19 billion in 2013, 69,000 employees
and 59 manufacturing and technology research centers around the
world. The company markets Whirlpool, Maytag, KitchenAid,
Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major
brand names. Additional information about the company can be found
at http://www.whirlpoolcorp.com.
About Hefei Sanyo
- Year established: 1994
- Headquarters: Hefei, Anhui
Province, China
- Financials: Hefei Sanyo reported revenue of $864 million, EBIT of $67
million and net earnings of $59
million for full year 2013
- Number of employees: approximately 14,000
- Chairman: Jin Youhua
- Current Main Brands: Sanyo, Rongshida /Royal Star and
Diqua
- Main Products: washing machines, refrigerators, and microwave
ovens
- Number of manufacturing facilities: three
- Sales networks: large nationwide distribution network in
China
- Listing: Listed on the Shanghai Stock Exchange since
July 2004 (Ticker: 600983)
- Other major shareholder: Hefei
State-owned Assets Holding Co., Ltd. (23.34%)
Whirlpool Additional Information
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this current report relating to the
anticipated benefits of the transaction constitute "forward-looking
statements" within the meaning of the federal securities laws.
These statements reflect management's current expectations
regarding future events and speak only as of the date of this
current report. Forward-looking statements involve significant
risks and uncertainties, should not be read as guarantees of future
performance and will not necessarily be accurate indications of
whether or not, or the times at or by which, events will occur.
Actual performance may differ materially from that expressed or
implied in such statements. Important factors that could cause
actual results to differ materially from these expectations
include, among other things, the risk that the transaction will not
achieve its anticipated benefits. In addition to these risks,
reference should also be made to the factors discussed under "Risk
Factors" in Whirlpool Corporation's periodic filings with the
Securities and Exchange Commission. Although the forward-looking
statements contained in this current report are based upon what are
believed to be reasonable assumptions, investors cannot be assured
that actual results will be consistent with these forward-looking
statements, and the differences may be material. These
forward-looking statements are made as of the date of this current
report and, except as expressly required by applicable law,
Whirlpool Corporation assumes no obligation to update or revise
them to reflect new events or circumstances.
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SOURCE Whirlpool Corporation