Gree Electric, a Chinese major appliance manufacturer, has confirmed it has fully acquired Hefei Jinghong Electric, adding the refrigerator-manufacturing business to its vast portfolio, The Paper reported.
Gree Electric chose to handle the acquisition in a low-key manner, neither explaining the reasons nor disclosing the amount of the transaction.
Jinghong Electric’s annual refrigerator sales are about 1 million units, targeting the high-end market. Although the scale is not large, the development of the refrigerator maker over the past few years has been quite good. Its main function of long-time meat preservation is very popular in the market.
In addition, Dong Mingzhu, chairman of Gree Electric previously disclosed that the company’s revenue target for 2018 is 200 billion yuan (US$28.79 billion).
It is believed that the acquisition of Jinghong will help contribute strong sales to the company.