Philips buys Indian appliance maker Preethi
Dutch consumer electronics maker Philips said Monday it had purchased leading Indian kitchen appliance maker Preethi for an undisclosed amount to become the leader in India's fast-growing market.
Royal Philips Electronics said in a statement that it "has agreed to acquire the assets of the Preethi business, a leading kitchen appliances company in India" based in the southeastern city of Chennai and which employes around 850 people.
"This will make Philips the clear leader in this specific fast-growing segment within the Indian domestic appliances market," it added.
Philips, a manufacturer of medical equipment, televisions, lighting systems and consumer appliances, employs about 119,000 people in more than 60 countries.
© 2011 AFP