China's Ninebot buys US personal scooter maker Segway

IndustriesAssociated Press

Segway, the iconic but struggling U.S. maker of personal electric scooters, has been bought by a Chinese company.

Beijing-based Ninebot Inc., which makes a range of short-distance motorized transport devices, said Wednesday that it bought Segway for an undisclosed amount.

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Ninebot's purchase of New Hampshire-based Segway is the latest example of a Chinese company acquiring foreign brands or technology.

The acquisition comes months after the U.S. International Trade Commission agreed to investigate Segway's claim that Ninebot and other companies were infringing on its patents and copyrights.

Segway wanted to block imports of competing scooters into the United States.

In a statement, Segway President Rod Keller said the "strategic alliance with Ninebot will enable us to provide more intelligent and valuable products for our customers."