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A.O. Smith manufactures a broad lineup of water heaters, boilers, and water treatment products. The company has two reporting segments: North America (75% of sales) and rest of world (25% of sales). A.O. Smith is the leading manufacturer of water heaters in North America for the residential and commercial markets, with approximately 37% and 54% market share, respectively. Residential water heaters account for most of North American sales and are distributed equally through wholesale and retail channels. Most of A.O. Smith's international revenue is from China, a market the company entered during the mid-1990s. However, the firm announced a strategic review of its China operations.
Millicom offers wireless and fixed-line telecom services primarily in smaller, less developed countries in Latin America. Countries served include Bolivia (100% owned), Nicaragua (100%), Panama (100%), El Salvador (100%), Guatemala (100%), Paraguay (100%), Colombia (50%), and Honduras (67% but not controlled or consolidated in the firm's financial statements). The firm's wireless networks cover about 120 million people, serving 42 million customers. Its fixed-line networks reach 14 million homes, serving about 4 million broadband customers. Increasingly, Millicom offers converged packages that include broadband with wireless services. The firm has agreed to acquire Telefonica's operations in Ecuador and Uruguay.