Domestic appliance maker Royal Philips Electronics on 24 January 2011 declared its decision to acquire the assets of Chennai-based Preethi, a leading Indian kitchen appliances company. The acquisition will enable Philips to become the clear leader in this specific fast-growing segment within the Indian Domestic Appliances market.
Preethi, founded in 1978 manufactures and sells a wide range of kitchen appliances under the 'Preethi' brand. Following the acquisition Preethi will become part of the domestic appliances business group within Philips' consumer lifestyle sector and will be led of the business group's newly established global headquarters in Shanghai, headed by Murali Sivaraman, former CEO of Philips India.
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