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BUSINESS & TECH

Future on Ice for Famous Fridge-Maker

People visit the Frestech booth at an exhibition in Shanghai in March 2012. Photo: IC
People visit the Frestech booth at an exhibition in Shanghai in March 2012. Photo: IC

After decades in the sun, a Chinese brand synonymous with refrigerators is getting frozen out by nimbler competition, reflecting difficulties many of the oldest and best-known names face in China’s young market economy.

Home-appliance maker Henan Xinfei Electric Co. Ltd. was China’s pride and joy when it introduced cutting-edge refrigerator-production technology from European giant Philips to China in the 1980s. But following a lengthy decline that ended in a massive overhaul last year, the money-losing company is now turning to an online auction as it searches for new relevance.

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