BENTON HARBOR, Mich., July 15, 2009 /PRNewswire-FirstCall/ – Whirlpool Corporation (NYSE:WHR) , the world’s leading home appliance manufacturer, and Hisense Kelon, one of the leading electronic and home appliance companies in China, today inaugurated their joint venture manufacturing facility, which will produce world-class, innovative refrigerators and washing machines for the Chinese and export markets.
In April 2008, Whirlpool Corporation and Hisense Kelon formed a 50-50 joint venture located in the ChangXing Economic Development Zone in Huzhou in the ZheJiang Province. The company will manufacture high-end, multi-door refrigerators, as well as top- and front-load washers under the Whirlpool, Hisense and Rongsheng brands.
As part of this joint venture, both Whirlpool and Hisense also will share research, technology, procurement and development resources, enabling the full leverage and synergy of two leading home appliance companies in the highly competitive Chinese market. Whirlpool Corporation and Hisense Kelon also have equal investment and management responsibilities.
During an inauguration ceremony held today in Chang Xing, Jeff Fettig, chairman and chief executive officer of Whirlpool Corporation, stated, “Through this new manufacturing center, Whirlpool increases its competitiveness, as well as its industrial and commercial footprint in China and the rest of the world. This joint venture represents an important component of our global operating platform and solidifies our presence in markets with strong growth potential such as China.”
“The successful completion of this important phase of our joint venture with Whirlpool Corporation is a strong indicator of the firm foundation and sustainability of this partnership,” said Mr. Zhou Hou Jian, chairman of Hisense Group. “Whirlpool provides innovative, customer-oriented solutions delivered by leading technological and engineering expertise, and good quality products, all of which complement Hisense s business philosophy, culture and global business objectives to be among the top home appliance manufacturers.”
Both companies agree that in the current global appliance industry, the manufacturers’ ability to succeed and grow is rooted in their innovative brands, product quality and technology. Hisense has overseas research and development centers in Europe, South Africa and the United States, as well as domestic research centers in Qingdao, Beijing, Shunde and Shenzhen.
Whirlpool Corporation has more than 20 R&D centers around the world, including technology centers in Beijing, Shanghai, Shunde and Shenzhen. This technology footprint allows both companies to conduct research and development around the clock. The combined strengths of both companies will bring about new, world-class appliances to Chinese and global consumers.
About Whirlpool Corporation
Whirlpool Corporation is the world’s leading manufacturer and marketer of major home appliances, with annual sales of approximately $19 billion, 70,000 employees, and 68 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world. Additional information about the company can be found at http://www.whirlpoolcorp.com/.
Hisense-Kelon Electrical Holdings Co. Ltd. is a large electronics and information industry unit with Hisense Company Limited as its main investor. It has business in household appliances, telecommunications, information, real estate and commerce in succession. Hisense established more than 20 companies at home and abroad with net assets totaling 5.8 billion (RMB). Hisense has more than 200 sales companies and more than 10,000 service outlets across China. Around the world, Hisense has production bases in South Africa, Hungary, France, Pakistan and sales offices in the United States, Europe, Australia and Japan . The products are exported to about 100 countries and regions including Europe, Americas, South Asia, and Africa.
Source: Whirlpool Corporation
Web Site: http://www.whirlpoolcorp.com