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The Home Depot, Atlanta, GA, has agreed to buy The Home Way, China's first home improvement retailer. The transaction has received the necessary Chinese government regulatory approvals and is expected to close by the end of the year.
The Home Way provides the Company with an immediate retail presence in China with 12 stores in six cities. The Chinese home improvement market is valued at nearly $50 billion and has been growing at a compounded annual rate of 20%, according to HD.
"This acquisition provides us with a great point of entry in one of the world's largest and fastest-growing home improvement markets," said Bob Nardelli, chairman, president and CEO, The Home Depot. "The Home Way is a strong brand that is already established as a value and price leader among Chinese consumers."
Expansion in China is an important area of growth for The Home Depot. The company entered Canada in 1994 and Mexico in 2001 through a combination of acquisitions and organic growth. In late 2004, The Home Depot opened a business development office in China to gain consumer insights and evaluate marketplace strategies.
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