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
To mark the occasion, Mr. Du Jingguo, Vice President of Haier Group and Masahiro Kinoshita, Vice President of Planning for SANYO Electric each signed the acquisition completion document. This was followed by Mr. Du accepting SANYO’s Equity Book from Mr. Kinoshita, signaling the official completion of the transition period between the two companies.
As per the terms outlined in the Memorandum of Understanding that Haier signed with SANYO Electric in July 2011, the two companies have completed the acquisition process by the end of March as planned, including the transfer of SANYO Electric’s operations as well as customer care and after-sales service in each of the above markets. In addition, Haier’s dual-brand strategy is now in full operation across these markets. In line with the agreement, Haier will operate in Japan as its Asian Headquarters, using its “Haier” and “AQUA” brands. Haier will use the “Haier” brand in Vietnam, Indonesia, the Philippines and Malaysia, while simultaneously using the “SANYO” brand in these markets for a specified period of time.
“SANYO Electric has already earned a strong reputation for its R&D, product line and marketing network in Japan and Southeast Asia. Our dual-brand strategy was designed to leverage SANYO Electric’s competitive advantages while enhancing the new markets’ offerings through Haier’s strengths in innovation, quality and design. We hope Haier can bring additional high-quality choices to consumers in these markets to help them better enjoy their life,” said Mr. Du Jingguo, Vice President of Haier Group.
The acquisition of SANYO Electric’s consumer electric business was made to enhance Haier’s R&D, manufacturing and marketing capabilities in Japan and Southeast Asia to better serve the needs of local consumers.
“As the global leader in the white goods industry, Haier’s goal is to be among the top three brands in these markets. The SANYO Electric acquisition will help us achieve this goal faster,” added Mr. Du.