Whirlpool buys Hefei Sanyo stake for $552m

WHIRLPOOL is buying a majority stake in Chinese appliance maker Hefei Rongshida Sanyo Electric for about $US552 million ($A609.44 million).

Whirlpool Corp, whose brands include KitchenAid, Maytag and its namesake, says the transaction will help it expand in China.

Chief executive Jeff Fettig said, in a statement on Tuesday, the deal would give Chinese shoppers more products to choose from.

Hefei Sanyo had 2012 revenue of $US636 million ($A702.18 million). Its brands include Sanyo, Rongshida/Royal Star and Diqua. The company is a joint venture between former Hefei Rongshida Group Co Ltd and Sanyo Electric Co Ltd and Sanyo Electric (China) Co Ltd, a subsidiary of Panasonic Corp.

The deal, which gives Whirlpool a 51 per cent stake in Hefei Sanyo, is expected to close by the end of 2014.

It still needs Chinese regulatory approval and approval from Hefei Sanyo shareholders.

Whirlpool expects the transaction to add to its financial results in the first full year that Hefei Sanyo is part of its business. The Benton Harbor, Michigan company had sales of about $US18 billion in 2012.

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