Whirlpool received final approval for acquisition of majority stake in Hefei Sanyo


WHIRLPOOL CORPORATION LOGOWhirlpool received written approval from the China Securities Regulatory Commission to acquire a 51% stake in Hefei Sanyo. This is the final key regulatory approval required in the acquisition process. The transaction is now expected to close at the end of the third quarter or early in the fourth quarter of 2014, pending final administrative processes and approvals. The investment includes Whirlpool’s commitment of capital and technical resources to enhance Hefei Sanyo’s research and development and product innovation capabilities. This acquisition is in line with Whirlpool’s long-term strategy to grow its position in the emerging Chinese market. Established in 1994, Hefei Sanyo has its headquarters in Hefei (Anhui Province). The main products of the company are washers, refrigerators and microwave ovens.