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.