Whirlpool, Hisense announce joint venture in China
US home appliance maker Whirlpool Corporation and Chinese conglomerate Hisense have formed a joint venture to serve the vast consumer market in China, the companies announced on Monday.
By Agencies |
NEW YORK: US home appliance maker Whirlpool Corporation and Chinese conglomerate Hisense have formed a joint venture to serve the vast consumer market in China, the companies announced on Monday.
The 50-50 joint venture was formed "for the delivery of new world-class and innovative appliances to consumers in China," they said in a statement.
The companies will share research, technology, procurement and development resources and produce refrigerators and washing machines.
Hisense Company Limited is the main investor in Hisense-Kelon Electrical Holdings Co. Ltd., a large electronics and information industry unit.
"The decision to join Whirlpool Corporation was made after consideration of the company's global position as the world's leading home appliance manufacturer with nearly 100 years of history," said Zhou Hou Jian, chairman of Hisense Group.
"Whirlpool provides innovative solutions, good quality products and leading technological and engineering expertise, all of which complements Hisense's philosophy and culture."
Jeff Fettig, Whirlpool chairman and chief executive, recalled that China was one of its key markets and it was "committed to offering Chinese consumers even more innovative and high-quality products."
The 50-50 joint venture was formed "for the delivery of new world-class and innovative appliances to consumers in China," they said in a statement.
The companies will share research, technology, procurement and development resources and produce refrigerators and washing machines.
Hisense Company Limited is the main investor in Hisense-Kelon Electrical Holdings Co. Ltd., a large electronics and information industry unit.
"The decision to join Whirlpool Corporation was made after consideration of the company's global position as the world's leading home appliance manufacturer with nearly 100 years of history," said Zhou Hou Jian, chairman of Hisense Group.
"Whirlpool provides innovative solutions, good quality products and leading technological and engineering expertise, all of which complements Hisense's philosophy and culture."
ADVERTISEMENT
Jeff Fettig, Whirlpool chairman and chief executive, recalled that China was one of its key markets and it was "committed to offering Chinese consumers even more innovative and high-quality products."
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
