The China Securities Regulatory Commission (CSRC) said it believes Gu Chujun, the controversial board chairman of Kelon, has violated several articles of the securities law, including inflating profits and capital embezzlement. Yesterday it announced the results of its probe into Kelon, a once-re…
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Whirlpool Must Make Maytag Offer by Aug. 9
Whirlpool must submit a firm offer to buy Maytag no later than noon next Tuesday, according to an agreement between the two companies outlined in documents filed Tuesday with the Securities and Exchange Commission.
New age for robotic vacuums with LG Electronics Roboking
Global and regional digital leader LG Electronics has introduced its robotic vacuum cleaner Roboking, taking technological standards for automatic domestic cleaners to the next level.
Whirlpool Enters into Agreement with Maytag
Appliance maker Whirlpool Corporation announced that it has entered into a mutual confidentiality agreement with Maytag Corporation.
Eyes now on Whirlpool in Maytag auction as Haier bows out
Whirlpool Corp.’s US$17-per-share offer for rival Maytag Corp. appears to have foiled an attempt by Haier America and its investing partners to acquire the Iowa-based appliance maker, analysts said Wednesday.
Black Employees Sue Whirlpool
A discrimination lawsuit filed in Nashville by 15 black employees of the Whirlpool Corporation plant in La Vergne claims the company fostered a racially hostile environment, reports AP.
Haier Drops Maytag Bid, Leaving Whirlpool, Ripplewood
China’s Haier Group dropped out of the three-way bidding contest for Maytag Corp., leaving Whirlpool Corp. and Ripplewood Holdings LLC to contend for the No. 3 U.S. appliance maker. Maytag said in a statement today that Haier, along with Bain Capital LLC and Blackstone Group LP, indicated in a le…
F&P buoyed by Whirlpool move
Whiteware maker F&P Appliances saw its share price rise, after its US distribution partner Whirlpool added its name to a list of would-be buyers circling appliance maker Maytag. Whirlpool offered $US1.3 billion to buy Maytag, the maker of Hoover vacuum cleaners and Jenn-Air appliances.
Haier plans to wash away whirlpool’s offer on Maytag
China’s largest appliance maker, Haier, is likely to decide this week whether to top Whirlpool Corp’s $1.3 billion bid for Maytag, but industry experts question whether it can bankroll such a bid. A consortium that includes the Chinese state giant, which domestic media say takes in more than twic…
Electrolux Quarterly Profit Drops 3.5%
Electrolux AB, the world’s largest maker of household appliances, said second-quarter profit dropped 3.5 percent as weaker demand and competition from low-cost competitors prevented the company from raising prices.