Whirlpool, Suning Appliance teaming up in China
Appliance maker Whirlpool Corp. and Suning Appliance Co., an appliance retailer in China, are teaming up to sell home appliances there.
Financial terms were not disclosed.
The companies said Monday that the partnership will give Whirlpool preferential access to Suning's distribution network of 1,700 retail outlets in China. Suning will get exclusive access to the Whirlpool brand at National Electronic Super Stores in China and receive preferential access to Whirlpool product innovations.
"Suning's distribution network, as well as its excellent reputation as a leading electrical appliance retailer in China, makes it the ideal choice of partnership, which is a key enabler to our China growth strategy to become the leading international appliance brand and grow our domestic sales to $1 billion over the next several years," Michael Todman, president of Whirlpool International, said in a statement.
Last month Whirlpool, whose brands include Maytag, KitchenAid and its namesake, reported that its fourth-quarter net income rose 20 percent as it increased prices for products in North America.
Shares of the Benton Harbor, Mich. company added 58 cents to $77.42 in afternoon trading.