Galanz in run-up to IPO

Guangdong Galanz, the world’s largest maker of microwave ovens, is preparing to go public on the main board of mainland stock exchange by the beginning of next year, vice managing director Yu Raochang told China Business News. Galanz was established in Shunde, Guangdong province, in 1978 as a company trading in duck feathers. Today, it produces of microwave ovens, air conditioners, refrigerators and freezers, and washing machine. It sold US$3.58 billion (RMB25 billion) worth of goods in 2007 and aims to boost sales to US$5.72 billion (RMB40 billion) this year. Its air conditioner production base in Zhongshan, which covers two million square meters and is the largest of its kind in the world, has just become operational. It is currently seeking a site for a 1.6 million square meter washing machine manufacturing base. Galanz old 25 million microwave ovens last year, controlling a 50% share of the international market.