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Manufacturing

Whirlpool buys out partner

US white goods manufacturer Whirlpool has bought its mainland partner Shanghai Narcissus out of their unprofitable washing machine venture, South China Morning Post said. Whirlpool will pay US$9m for 20 per cent of the venture, giving it total ownership of Whirlpool Narcissus.

Shanghai Narcissus had been delisted following four consecutive years of losses between 1996 and 2000. A vice-director of the board has publicly blamed the unsuccessful joint venture for his company's poor financial performance. Whirlpool set up four joint ventures in China in 1994-95. It bought out its Chinese partner in Whirlpool SMC Microwave (Shunde) Products in Guangdong province and closed its refrigerator and air-conditioner plants in 1997.

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