Philips to buy Chinese appliance company Povos

Dutch electronics giant Philips said Monday it had agreed to buy Chinese kitchen appliance company Povos. Philips announced the deal in a statement issued in Amsterdam but did not give financial details. It said the transaction, which was subject to confirmatory due diligence and other customary closing conditions, was expected to close in the fourth quarter of 2011. Based in Shanghai, Povos employs around 1,800 people and its product range included rice cookers, induction cookers, electric pressure cookers and kettles, all used widely in Chinese kitchens, Philips said.