(MENAFN) US Whirlpool Corporation has received approval from the China Securities Regulatory Commission to acquire a 51 percent stake in Hefei Rongshida Sanyo Electric Co. Ltd, Xinhua reported.
The permission is the final approval required for the acquisition process to be done. The transaction will cost the US appliance-maker Whirlpool a total of USD550 million.
The acquisition will combine Whirlpool's technologies with Hefei Sanyo's local market expertise to grow its market share, according to a Hefei Sanyo statement released.
Michigan-based Whirlpool, with annual sales revenues of more than USD18 billion, entered into the Chinese market in 1994 but has lagged behind local brands like Haier.
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