Mei Ling aborts acquisition plan

Mei Ling freezer displays at  the China Household Appliance Expo in Shanghai new international expo center, March 22, 2013. [Photo/IC]

Chinese household appliance company Mei Ling Co is to abandon its planned acquisition of Italy-based counterpart Indesit due to disagreements, the company said.

Indesit was to hold a board meeting to discuss the issue on Tuesday.

Founded in 1983, Mei Ling Co has major refrigerator manufacturing bases in Hefei, Anhui province, Mianyang, Sichuan province and Jingdezhen, Jiangxi province.

Last year its revenue hit 10.5 billion yuan ($1.69 billion), with year-on-year growth of 13.2 percent.