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Haier to buy Sanyo home appliance businesses

Posted by By at 29 July, at 17 : 57 PM Print

http://www.livetradingnews.com/wp-content/uploads/img_27792_haier_offer.jpgHaier Group Corp, China’s largest appliance maker, and Sanyo Electric Co. Ltd. signed on Thursday a memorandum of understanding (MoU) setting terms on Haier’s intention to buy Sanyo’s refrigerator, washing machine and other consumer electric appliances businesses in Indonesia, Japan, Malaysia, the Philippines and Vietnam, Haier said in a statement.

The acquisition will cover the research and development (R&D) and manufacturing facilities of Sanyo Electric’s refrigerator and washing machine businesses, as well as the sales and service businesses for Sanyo Electric’s consumer electric appliances, including the washing machine brand “AQUA”.

Haier and Sanyo Electric also reached an agreement on the use of the Sanyo brand. Haier will adopt a dual-brand strategy in Japan with “Haier” and “AQUA” brands. Haier will use the “Haier” brand in Indonesia, Malaysia, the Philippines and Vietnam, and also use the “SANYO” brand in those markets for a specified period of time.

“Today’s announcement has laid the foundation for Haier’s strategic structure in Japan and Southeast Asia with two R&D centers, four manufacturing bases and six localized marketing centers, which can better cater to the ever-growing and dynamic needs of consumers in the region, as well as contribute to our sustainable growth,” Haier Group vice president Du Jingguo said.

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