Galanz finishes offer for Whirlpool China

The offer to acquire Whirlpool (China) by Galanz Group was not dependent on its short-term financial performance, but its strong faith in investing in the Chinese unit of Whirlpool in the future, a top executive officer with Galanz said.

"The offer is to make Whirlpool (China) a multinational company recognized by end users, employees, customers and shareholders," said Leung Chiu Yin, chairman of Galanz Group.

With the completion of part of the tender offer, Galanz has officially became the controlling shareholder of Whirlpool (China), holding approximately 51.69 percent of the issued shares. Whirlpool Corporation will continue to be a shareholder of Whirlpool (China), holding approximately 20 percent of the outstanding shares.

"As the controlling shareholder of Whirlpool (China), Galanz pledges to empower Whirlpool with its 'Made in China' capabilities, giving full play to the advantages of all categories and channels and independent whole industry chain to deepen the partnership with Whirlpool," he said.

Leung has been elected as chairman of Whirlpool (China) Co ltd and Leung Wai Keung, vice-chairman of the Guangdong-based home appliance maker, as president of the Chinese unit of Whirlpool.

"As one of Whirlpool's global suppliers of finished goods, Galanz and Whirlpool had deeper discussions of advantages complementary to each other and stronger cooperation," he said.

Marc Bitzer, chairman and CEO of Whirlpool Corporation, stressed that the new partnership with Galanz is in line with the development layout of Whirlpool brand in the Chinese market.

"Whirlpool Corporation will remain unchanged in long-term investment strategy for the Chinese market, and will continue to drive the growth of Whirlpool's flagship brand for Chinese consumers," he said.

The cooperation between Galanz and Whirlpool is a strong alliance, as well as complementary advantage to each other, and will definitely create more premium home appliances for consumers, according to Jiang Feng, executive director of the China Household Electrical Appliances Association

"The cooperation will further contribute to promoting the high-quality development of China's home appliance industry and jointly write a new chapter in the development of Whirlpool (China)," Jiang said.