By Craig Zammit
SYDNEY: The Chinese Ministry of Commerce (MOFCOM) has authorised Groupe SEB’s acquisition of a majority interest in leading Chinese cookware manufacturer, Supor.
“Groupe SEB is pleased with the authorisation which, coming after the approval of Supor shareholders, represents a major new step forward in this strategic project,” said Groupe SEB in a statement to current.com.au.
“To complete the operation, the Groupe still needs the green light to go ahead by China’s Securities Regulatory Commission (CSRC).”
Supor is China’s leading cookware manufacturer and number four in the small electrical appliance market, with particularly strong position in rice cookers.
In 2006, Supor’s revenue was reported as the equivalent of €207 million ($A333 million), which was up 42 per cent on the previous year.