Koninklijke Philips N.V.
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Publicatie datum
11 jul 2011 - 08:30
Statutaire naam
Koninklijke Philips N.V.
Titel
Philips to acquire Povos in China to grow kitchen appliance business
Bericht
Amsterdam, the Netherlands and Shanghai, China – Royal Philips Electronics (AEX: PHI, NYSE: PHG) announced today that it agreed to acquire Povos Electric Appliance (Shanghai) Co., Ltd., a leading kitchen appliance company in China. Financial details of the transaction were not disclosed. The transaction, which is subject to confirmatory due diligence and other customary closing conditions, is expected to close in the fourth quarter of 2011.
The acquisition of Povos underlines the importance Philips attaches to building business creation capabilities in growth markets and follows the purchase of Indian kitchen appliance company Preethi earlier this year. Povos’ product range includes rice cookers, induction cookers, electric pressure cookers and kettles, all used widely in kitchens in China.
“With the acquisition of Povos, Philips is significantly expanding its product portfolio in China and building on its ability to set the pace of innovation in the global kitchen appliances market,” said Pieter Nota, Chief Executive Officer of Philips Consumer Lifestyle. “Since the beginning of this year, our Domestic Appliances business has been headquartered in Shanghai. By combining the development, design and manufacturing capabilities of Povos with our strong brand and distribution network, we can accelerate our growth in the dynamic kitchen appliances markets in China and across Asia.”
Datum laatste update: 27 juli 2024