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Israel's Elco to Buy 75 Percent of Hefei Rongshida Group
Jun 30, 2003
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Israel's Elco Holdings said its French unit ElcoBrandt SA signed a memorandum of understanding to buy 75 percent of a Chinese electrical appliances venture for U.S. $20 million to $30 million. Elco said in a statement to the Tel Aviv Stock Exchange it would buy 25 percent of Hefei Rongshida Group Co from the firm and 50.5 percent from Maytag Corp of the U.S. Rongshida makes consumer products, particularly washing machines and refrigerators, and the venture with Maytag is China's third-largest seller of washing machines. The joint venture posted sales of $110 million last year and is likely to record sales of $140 million this year, based on its rate of sales in the first 5 months. (Reuters)

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