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

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

Oct 23, 2014: Whirlpool Corporation to Showcase Resource-Efficient Technologies at Greenbuild

Oct 23, 2014: CWIEME Chicago exhibition had record attendees

Oct 22, 2014: Middleby to add U-Line to residential appliance business

Oct 22, 2014: iRobot's 3Q exceeds expectations, driven by Home Robots growth

Oct 22, 2014: Whirlpool Canada named 2014 Energy Star Manufacturer of the Year

More Daily News>>

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

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

September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014
April 2014: Appliance Magazine Market Insight: February 2014




 
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