Haier JV deal is 2nd in 2 days for retailer
By Lydia Chen |
October 20, 2011, Thursday
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Print Edition
Print Edition
HAIER Electronics Group, China's home appliance giant, will form a joint venture with UK-based Home Retail Group.
In a filing to the Hong Kong stock exchange yesterday, Haier said it will inject US$15 million into the joint venture which will receive an initial investment of about US$29.5 million. Qingdao-based Haier will own 51 percent of the venture and develop its business under the Argos brand in the Chinese mainland market, according to the filing.
The venture is expected to start operating in 2012, Haier said.
Argos sells more than 35,000 products from over 750 stores throughout the UK and Ireland.
Haier's announcement came just one day after it sealed a final deal with Sanyo Electric to buy the Japanese company's white goods operations in Japan and southeast Asia. The transaction may be completed by the end of March next year.
In a filing to the Hong Kong stock exchange yesterday, Haier said it will inject US$15 million into the joint venture which will receive an initial investment of about US$29.5 million. Qingdao-based Haier will own 51 percent of the venture and develop its business under the Argos brand in the Chinese mainland market, according to the filing.
The venture is expected to start operating in 2012, Haier said.
Argos sells more than 35,000 products from over 750 stores throughout the UK and Ireland.
Haier's announcement came just one day after it sealed a final deal with Sanyo Electric to buy the Japanese company's white goods operations in Japan and southeast Asia. The transaction may be completed by the end of March next year.
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