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Osaka, Sept 8, 2008 (Jiji Press) -Japan's Sanyo Electric Co. said Monday it has acquired a 30 pct equity stake in China's top maker of refrigeration equipment, Dalian Bingshan Group Co., to become the biggest shareholder.The major Japanese home appliance maker did not disclose the value of the investment.Dalian Bingshan is capitalized at around 2.3 billion yen and boasts a 40 pct share in the Chinese market for refrigeration products used in supermarket showcases.Sanyo and Bingshan have created a total of 13 joint ventures since 1992 to make and sell air conditioners, industrial-use showcases and compressors, among other products.Sanyo plans to expand its cooperation with the Chinese firm further to cover product development and to strengthen its business in the country, according to company officials.The Japanese firm posted refrigeration equipment sales of about 65 billion yen in China in fiscal 2007, which ended last March, accounting for the largest portion of its overseas sales.

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