Qingdao Haier Co. has agreed to buy a 20.1% stake in its Hong Kong-listed sibling Haier Electronics Group Co. from Deutsche Bank.
The move would enable Qingdao Haier to consolidate its appliance business and gain access to overseas capital markets for expansion. Qingdao Haier will buy 393 million Haier Electronics shares for HK$775.5 million (approx. US$99 million).
Chinese home appliance manufacturer Haier gained the top spot in the global white home appliance market with a market share of 6.3% in 2008, followed by LG, Whirlpool, and Electrolux, according to latest report released by market research firm Euromonitor. Sales of Haier refrigeration worldwide i…
Haier Group Corporation and SANYO held a closing ceremony in Singapore to officially mark the completion of Haier’s acquisition of SANYO Electric’s refrigerator, washing machine and other consumer electric appliances business in Japan, Indonesia, Malaysia, the Philippines
The listed arm of Chinese appliance maker Haier posted a 12-percent rise in fourth-quarter net earnings, even as fierce competition, soaring raw material costs, and a cut in export tax rebates ate into full-year profit.