Haier buys Sanyo's unit to expand
By Feng Jianmin |
July 29, 2011, Friday
|
Print Edition
Print Edition
CHINA'S Haier Group Corp will acquire Panasonic's Sanyo Electric Co's white goods unit in Japan and southeast Asia as part of the Chinese company's overall growth strategy.
Haier, the world's largest producer of white goods such as refrigerators and washing machines, will gain total control of Sanyo's research and development, manufacturing, sales and service business in Japan, Indonesia, Malaysia, the Philippines and Vietnam, a statement said yesterday.
Du Jingguo, vice president of Haier Group, said the company will operate two R&D centers, four manufacturing plants and six local marketing centers in those markets.
"Haier aims to be a leader in the global white goods business, and acquiring the refrigerator, washing machine and other consumer electric appliances business of Sanyo Electric is an important part of Haier's overall growth strategy," Du said.
Panasonic said the sale fits in with the company's strategy to restructure businesses that overlapped with those of Sanyo Electric.
The companies said they will sign an official agreement by the end of September.
Haier will pay about US$130 million for the deal, Reuters said, citing sources familiar with the issue.
On completion of the transaction, Haier will drop the Sanyo brand in Japan and instead operate under the brands of Haier and Aqua. But the company will keep the Sanyo brand in Southeast Asian markets for a specified period.
Haier, the world's largest producer of white goods such as refrigerators and washing machines, will gain total control of Sanyo's research and development, manufacturing, sales and service business in Japan, Indonesia, Malaysia, the Philippines and Vietnam, a statement said yesterday.
Du Jingguo, vice president of Haier Group, said the company will operate two R&D centers, four manufacturing plants and six local marketing centers in those markets.
"Haier aims to be a leader in the global white goods business, and acquiring the refrigerator, washing machine and other consumer electric appliances business of Sanyo Electric is an important part of Haier's overall growth strategy," Du said.
Panasonic said the sale fits in with the company's strategy to restructure businesses that overlapped with those of Sanyo Electric.
The companies said they will sign an official agreement by the end of September.
Haier will pay about US$130 million for the deal, Reuters said, citing sources familiar with the issue.
On completion of the transaction, Haier will drop the Sanyo brand in Japan and instead operate under the brands of Haier and Aqua. But the company will keep the Sanyo brand in Southeast Asian markets for a specified period.
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