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Home Depot Buying Counterpart in China

BEIJING-Two years after opening a business development office here, the home improvement retailer decides to acquire an existing player rather than start from scratch.

By Brian K. Miller | Updated on December 13, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

BEIJING-Home Depot is acquiring its counterpart in China in a move that gives the Atlanta-based company an instant presence in the country. The Home Way currently operates 12 stores in six cities. The transaction has received the necessary Chinese government regulatory approvals and is expected to close by the end of the year. Terms were not disclosed.

Home Depot entered Canada in 1994 and Mexico in 2001 through a combination of acquisitions and organic growth and today holds the number one position in both markets. It opened a business development office in China in late 2004.

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