Philips to buy Chinese appliance firm Povos

11th July 2011, Comments 0 comments

Dutch electronics giant Philips said Monday it had agreed to buy Chinese kitchen appliance company Povos.

Philips announced the deal in a statement issued in Amsterdam, though gave no financial details. It said the transaction, which was subject to confirmatory due diligence and other customary closing conditions, was expected to close in the fourth quarter of 2011.

Based in Shanghai, Povos employs around 1,800 people. According to Philips, its product range included rice cookers, induction cookers, electric pressure cookers and kettles, all used widely in Chinese kitchens.

© Radio Netherlands Worldwide

0 Comments To This Article