Wuxi Little Swan Co Ltd said it will sell 30 pct of unit Wuxi Little Swan & GE Co Ltd to General Electric Co for 7.1 mln usd, the company said.
In a statement filed with Shenzhen Stock Exchange, the company said Wuxi Little Swan & GE is a wholly-owned unit which makes washing machines for GE on an OEM basis. GE previously held no stake in the contract manufacturer.
Established in 2004, Wuxi Little Swan & GE has assets of 177.3 mln yuan ($1 USD = 7.52 yuan).
Earlier, Wuxi Little Swan and its parent Little Swan Group pulled out from two joint ventures, Panasonic Home Appliances Refrigerator (Wuxi) and Panasonic Refrigeration Devices (Wuxi).
