Whirlpool of the US has agreed on a $552m proposal to take control of a Chinese maker of fridges and washing machines as it tries to gain a better foothold in the fast-growing consumer markets of Asia.
The agreement, which was revealed by the Financial Times in May, will see the US group buy out a stake in Hefei Sanyo that is owned by Panasonic of Japan and simultaneously inject more than $330m of cash for new shares.
The growth in sales of white goods in China has been increasing at more than 10 per cent a year for the past decade, according to industry estimates, although sales have been supported by government subsidies, especially among rural households.
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