Philips Electronics announced on July 11 that it has agreed to acquire Pentium Electric (Shanghai) Co., Ltd. (hereinafter referred to as "Pentium"), a Chinese kitchen appliance company. The financial details of the acquisition were not disclosed. After the completion of confirmatory due diligence and other customary closing conditions, the acquisition is expected to be completed in the fourth quarter of 2011.
"Through the acquisition of Pentium, Philips is vigorously broadening its product line in China." Mr. Kong Xianghui, Chairman and Executive Vice President of Philips Greater China, said, "In early 2011, Philips moved the global headquarters of the home care business to Shanghai. Strength in development, design and manufacturing, coupled with Philips ’strong brand and distribution network, can accelerate our growth in the Chinese kitchen appliance market and throughout Asia."
It is understood that in June 2011, Philips' wholly-owned acquisition of Pentium Electric has basically been finalized. According to earlier news, Philips will purchase Pentium Electric for 2.3 to 2.5 billion yuan.
It was learned from authoritative channels that the scope of the acquisition involves Pentium's kitchen appliances and equipment, kitchen appliances brands (Pentium Group razors and other product brands are not included), the entire marketing network and operation team, and plant land is not included in the scope Inside. Zhang Yongtao, general manager of Pentium Electric, said that the acquisition target is 100% of Pentium Electric (Shanghai) Co., Ltd., production, sales, research and after-sales service will be transferred as a whole. "This acquisition will be beneficial to both parties. In the future, small kitchen appliances, Philips and Pentium will both Brand operation. "
Philips did not disclose the final transaction price and details of the asset package. Zhang Tonghua, communications director of Philips (China) Investment Co., Ltd., said that it is certain that the management team of Pentium Electric will remain stable, and the management team led by general manager Zhang Yongtao will continue to be responsible. The daily operation of Pentium appliances. After the completion of the transaction, Pentium will become part of the home care business of the Philips-based Quality Life Division headquartered in Shanghai, and the original employees of Pentium Electric will become employees of the Philips Quality Life business unit.
Hong Shibin, deputy chairman of the Marketing Committee of the China Household Electrical Appliances Business Association, said that Philips' acquisition of Pentium is "strategic clear". Philips, which has always been at the mid-to-high end, has expanded its market share in China's small home appliance industry and third- and fourth-tier cities through mergers and acquisitions with experience and good channels to achieve the perfect complementarity of the industrial chain. At the same time, Hong Shibin also said that this merger and acquisition plan will have a great impact on China's small home appliance market, and it has created competitive pressures on some local brands, such as Jiuyang and Midea, which has intensified brand competition.
The above information source "Venture Investment" is authorized by the China Venture Capital Research Institute (CVCRI) to publish it. All rights reserved. Please indicate the source when reprinting. For more information, please click download to view all articles.
You`re a reader. You`ve collected a lot of books over time. Some of them are so good that you can`t part with them. We`ve got the bookcases and bookshelves you need to keep your books conveniently and attractively organized. Browse through our extensive collection where you`ll be able to find not only a white bookshelf, a black bookshelf, a gray bookshelf and an espresso bookshelf, but you`ll also find exciting other options such as a blue bookshelf and a gold bookshelf.Fun and functional, this bookcase will fulfil all of your organizational and decorating needs. Built with 4 shelves in a ladder frame, this up-to-date unit is made of high-grade MDF that will display any of your media and trinkets wonderfully.
Wooden Bookcase,Solid Wood Bookcases,Small Bookcase,Wooden Bookshelf
FuJian YuanFu Import&Export Trading Co., Ltd. , https://www.fjyffurniture.com