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Business

Taiwanese Company Acquires Grundig

For decades, a Grundig TV took pride of place in homes all over Germany. Grundig stood for high-quality electronics,
"made in Germany." Then Germans became interested in cheaper consumer electronics and home appliances from the Far East. And now Grundig itself is going Asian. Taiwanese monitor manufacturer Sampo signed a deal Wednesday agreeing to take on the majority share of the Nuremburg-based company. The deal saves at least some of Grundig's 1,300 jobs in Germany -- at least for the time being. The sale agreement specifies that research and development is to stay at the original site in Nuremburg. A sale price was not announced. The traditional German consumer electronics manufacturer began racking up losses in the early '80s as cheap imports from Asia began flooding the German market. Grundig has changed hands a number of times since then, but no one has been able to restore profitability to the company.