Philips to acquire home appliance maker Shanghai POVOS - report
Shanghai. June 8. INTERFAX-CHINA - Dutch electronics giant Royal Philips Electronics Inc. (Philips) plans to acquire Shanghai POVOS Enterprise Co. Ltd. (POVOS), a small-scale home appliances manufacturer, for RMB 2.50 billion ($385.97 million), Chinese media reported June 8.
Philips targeted POVOS because of its manufacturing capabilities, according to a Nanfang Dushi Daily report.
POVOS will retain its brand after the acquisition, the report said.
A POVOS representative declined to comment on the company's ownership structure when contacted by Interfax on June 8.
Founded in 2003, POVOS is a privately-held home appliance manufacturer and distributor based in Shanghai. The company has an annual production capacity in excess of 20 million units, and manufacturing facilities in Shanghai, Zhejiang Province and Wuhu City in Anhui Province.
Philips spun off its loss-making television business into a joint venture with TPV Technology Ltd., a leading display monitor manufacturer in China, Interfax reported April 20.
- CC