Electrolux to Buy Chinese Dishwasher Manufacturer
Electrolux announced Thursday it will buy Shanghai Veetsan Commercial Machinery, one of the largest manufacturers of professional dishwashers in China.
The acquisition is aimed at growing the Swedish appliance maker’s professional segment, which includes food service and laundry equipment, and expansion into China and the Asia Pacific region, according to Electrolux.
The deal is expected to close in the first half of 2015.
“Professional dishwashing represents one of the most promising product categories as its penetration rate in China is still considerably lower than other categories, such as cooking or refrigerated storage,” Alberto Zanata, head of Electrolux Professional Products, said in a statement.
Veetsan was established in 2003 and has annual sales of about 115 million Swedish kronor (about $13.9 million.)
This article appeared in print in edition of Hamodia.
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