Miele Sets Up Subsidiary in South Korea Jun 29, 2005

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German home appliance maker Miele has established a South Korean subsidiary, launching its full-blown efforts to tap the local market.

Miele said it has decided to set up the Korean unit, Miele Korea, given the rising demand for high-end electronics products in the local market.

"Top priority will be placed on selling built-in appliances, and local demand for premium electronics products is expected to be strong," the appliance maker said. The local subsidiary will target apartments and commercial-residential buildings with high-end appliances, it said.

The German company had sold its washing machines, vacuum cleaners, and integrated kitchen appliances through a local importer, Ssangyong Corp., since 1990.

The appliance maker, which has wholly owned subsidiaries in 35 countries with a global network of 120 dealers, posted sales of 2.19 billion euros (approx. U.S. $2.67 billion) last year. (Yonhap)

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