News has reached us today that Haier has pulled out of the joint venture agreement that it had entered with Fagor for a new factory in Poland due to Fagor’s current bankruptcy.
A report from the Warsaw Business Journal states that Haier has officially withdrawn from plans to build a production plant in Wrocław together with Spanish Fagor.
Haier denied it would seek “other forms of cooperation.” Polish media had speculated that the Chinese firm could buy the Wrocław factories of FagorMastercook, the Polish subsidiary of Fagor.
Haier and Fagor announced their joint venture plans in September this year (report here). The €56 million refrigerator factory was to employ at least 500 people with the plant scheduled to be operational by June 2014.