Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Mexico's Mabe Bids to Take Over Camco
Jul 26, 2005
 Printable format
 Email this Article
 Search

Mexican-based appliance company Mabe has offered U.S. $70.4-million to take over Camco Inc., Canada's largest appliance maker.

General Electric Co. is the biggest stockholder in each company, and Controladora Mabe SA de C.V. is offering $3.52 a share for Camco.

Camco, with 2004 sales of $643 million, handles brands such as GE, Profile, Monogram, Hotpoint, Moffat, and BeefEater. The firm makes clothes dryers and dishwashers at its Montreal plant and is the primary supplier of clothes dryers to GE in the U.S.

"The offer represents a premium of 53 percent to the July 22 closing price of Camco common shares," Camco said in a release. The offer is expected to be mailed to Camco's shareholders in August.

A special committee of Camco's board of directors has agreed to support the offer, and General Electric Canada Inc. will tender its 51 per cent stake.

Camco's next-largest shareholder, GSW Inc., which owns 20 percent of the shares, said separately it is "reviewing the fairness of the Mabe offer for Camco, given it is a related party transaction."

Mabe is a leader in the Latin American appliance market, with commercial and production facilities in most countries of Central and South America. Mabe operates 13 factories in total, eight of which are in Mexico.

The Mexican company makes 12 million appliances annually, has 18,000 employees, and expects 2005 sales of $2.2 billion. It is a major exporter of ranges and refrigerators to the U.S. market through a relationship with GE, which holds a 48-percent interest in Mabe. (The Canadian Press)

Back to Daily News

 

Daily News

...........................................................

Dec 17, 2014: Bosch names Kenny head of marketing

Dec 17, 2014: Multifamily Production Index off its peak, but still positive

Dec 17, 2014: AHRI launches two new certification programs

Dec 16, 2014: Ar├želik awarded for fridge with integrated ice-cream bowl

Dec 16, 2014: Report: appliance segment at the top of 2014 reshoring list

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: Appliance Magazine Market Insight Annual Subscriptions
November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows