Whirlpool, Shenzhen Petrochemical in Joint Venture: Shenzhen Petrochemical said it and Whirlpool Corp. are forming a $29.5-million joint venture to produce air conditioners under the Whirlpool and Raybo trademarks in Shenzhen. The venture will be 75% owned by Whirlpool and 25% by his company, Shenzhen Chairman Chen Yongching said. The venture will purchase the major assets of Shenzhen Petrochemical's existing Lanbo air conditioner plant, which will produce 160,000 air conditioners this year and 235,000 units next year, Chen said. Benton Harbor, Mich.-based Whirlpool will provide technology to help Lanbo strengthen its share of the domestic market. Chen said some of the plant's production would be exported to Southeast Asia.