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Whirlpool and Chinese conglomerate Hisense have formed a joint venture to serve the vast consumer market in China which was announced on Monday.

The 50-50 joint venture was formed "for the delivery of new world-class and innovative appliances to consumers in China," they said in a statement.

The companies will share research, technology, procurement and development resources and produce refrigerators and washing machines.

"The decision to join Whirlpool Corporation was made after consideration of the company's global position as the world's leading home appliance manufacturer with nearly 100 years of history," said Zhou Hou Jian, chairman of Hisense Group.

"Whirlpool provides innovative solutions, good quality products and leading technological and engineering expertise, all of which complements Hisense's philosophy and culture."

Jeff Fettig, Whirlpool chairman and chief executive, recalled that China was one of its key markets and it was "committed to offering Chinese consumers even more innovative and high-quality products."

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