Grundig Sold to Sampo Jan 9, 2003

Printable format  Email this Article  Search

The owner of electronics firm Grundig AG agreed to sell out to a Taiwan rival, Sampo Corp., after losses pushed the German maker of televisions to the brink of bankruptcy. Sampo signed an agreement to buy most of the 89-percent stake held by the controlling shareholder, Anton Kathrein, as well as an 11-percent stake held by a group of banks. Financial details
were not disclosed. Sampo said it would use Grundig's distribution channels to sell more of its own products, as well as selling more Grundig products in Asia. Sampo also said it might in the future put the German brand on some of its home appliances. (Associated Press)

Back to Daily News