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Home System Acquires Jinxinglong Appliance Co. Jul 22, 2010 |
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Chinese-based appliance producer Home System Group will acquire 100% ownership interest in Jiangmen City Jinxinglong Electrical Appliance Co., Ltd. for $15 million.
Jinxinglong was founded in Sept. 2002 and specializes in the manufacturing of industrial ceiling fans, decorative ceiling fans, table and floor fans, and related accessories. These fans generally have a lower price point than the fans Home System currently produces. They are also sold primarily in the North American market, as are Home System’s fans.
In the 12-month period ending May 31, 2010, Jinxinglong had revenue of approximately $20 million and net income of $2.5 million.