Daewoo Electronics Corporation of South Korea entered into a strategic partnership to supply refrigerators to German home appliance OEM BSH Bosch und Siemens Hausgeräte GmbH. Under the U.S. $300 million deal, reached in early February 2006, Daewoo Electronics will supply at least 100,000 side-by-side refrigerators annually to BSH for 3 years, starting this year. More than 350,000 units will be exported to Italy, Germany, Britain, the U.S., and Australia over the 3 years.
Daewoo will be involved in designing, developing, marketing, and selling the products, which will be sold under BSH brand names. Daewoo Electronics said it is in negotiations with BSH to expand the partnership into other home appliances.
Daewoo said the partnership will likely expedite its plan to export side-by-side refrigerators to the North American markets.
"Daewoo Electronics and Bosch Siemens are two of the world's most recognized and respected home appliance providers, both known for their relentless commitment to innovation," said Daewoo CEO Lee Sung Chang. "We look forward to working with Bosch Siemens to grow our relationship and realize the potential of two great innovators."
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