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Hong Leong Asia to sell consumer products unit
INDUSTRIAL conglomerate firm Hong Leong Asia on Friday said it plans to sell its consumer products unit following a restructuring exercise that began late last year.
Hong Leong Asia said it has agreed with "certain unrelated local partners in China" to sell its stake in its consumer products unit, collectively known as the Xinfei unit.
Loss-making Xinfei had been selling refrigerators, freezers and air-conditioners in China, but had been impacted by the "challenging market environment" facing the white goods industry in China with its intense competition and price pressures, said Hong Leong Asia in October when it first announced the restructuring. Xinfei ceased manufacturing and production activities in early November 2017.