Whirlpool forms joint venture to make appliances for China

BENTON HARBOR, Mich.—Home appliance maker Whirlpool Corp. said Monday it formed a joint venture with China-based home appliance company Hisense-Kelon Electrical Holdings Company Ltd. to sell appliances to Chinese consumers.

The financial terms of the deal were not disclosed.

Whirlpool said it will equally share investment and management responsibility. The companies will also share research, technology, procurement and development resources, Whirlpool said.

"China is one of our key markets and we are committed to offering Chinese consumers even more innovative and high-quality products," Whirlpool Chief Executive Jeff M. Fettig said.

The company said Hisense will manufacture refrigerators and Whirlpool will make washing machines for the joint venture.

Whirlpool shares fell $2.13, or 2.8 percent, to $74.27.

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