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Whirlpool Corp's Subsidiary To Become Majority Shareholder Of China-Based Hefei Sanyo

Tuesday, 13 Aug 2013 06:20am EDT 

Whirlpool Corporation announced that it has entered into agreements to become a majority shareholder (51%) in Hefei Rongshida Sanyo Electric Co. Ltd. a home appliances manufacturer based in Hefei, China. Through this transaction, a Whirlpool Corporation subsidiary will acquire all shares currently owned by Sanyo Electric Co. Ltd. and Sanyo Electric Co. (China) Ltd., and purchase new Hefei Sanyo shares via a private placement for approximately RMB3.4 billion/USD 552 million cash, based on the exchange rate as of August 9, 2013. The transaction is expected to close by the end of 2014. Whirlpool expects that this transaction will be accretive in the first full year of integration. 

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1.98 +1.35%
25 Jul 2014