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You are here: Home / Business / China company may bid for Maytag

China company may bid for Maytag

June 16, 2005 By admin

Another bidder may make an offer for the Newton-based Maytag Corporation. China’s biggest home-appliance maker, the Haier Group, said Wednesday it may join at least two U.S. companies eyeing the purchase of Maytag. The investor group Ripplewood Holdings last month bid one-point-one-three billion for the Iowa maker of washers, dryers and other home appliances, and New York investor group Blackstone also has indicated it’s interested. The Chinese company already has an entry to US appliance markets, with its products sold at retailers including Home Depot, Costco and Wal-Mart. Last year Forbes declared the firm China’s most valuable brand name, but while buying Maytag might help offset accusations it’s dumping foreign goods in this market, it would also cost the Haier company many of the benefits it now enjoys from the low cost of producing its goods in China.

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