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Midea, a leading Chinese home appliances maker, will sell a 20 percent stake of its air conditioning division to Japanese electronics giant Toshiba.
The two sides have signed an official agreement, ending four-years of negotiation.
Midea's air conditioning division, made up of four companies in China, will produce air conditioners with the two brands of Midea and Toshiba.
But their respective sales channels and technology patents are not involved in their joint venture.
Fang Hongbo, vice president of Midea, says new air conditioner plants will probably only use the Midea brand.
It is said that Midea will invest in southwest China's Chongqing to establish a new central air conditioner manufacturing plant.
(CRI July 5, 2004)
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