Groupe SEB received authorization from China's Ministry of Commerce (MOFCOM) to acquire a majority interest in Chinese small electric appliance and cookware OEM Zhejiang Supor Co., Ltd. Supor shareholders already approved the deal on Aug. 31, 2006. SEB still needs to be green-lighted by the China Securities Regulatory Commission (CSRC) for the acquisition to proceed.
SEB said Supor is China’s leading cookware manufacturer and No. 4 in the small electrical appliance market, with particularly strong positions in rice cookers. Revenues in 2006 were reported at the equivalent of 207 million euros (approx. U.S. $280 million), which was a 42 percent increase on the previous year. China accounted for close to 70 percent of its business.
Back to Breaking News