Haier Brings Appliance Operations under Shanghai Umbrella Dec 2, 2009

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Haier is consolidating its home appliance business by integrating its two subsidiaries listed in Shanghai and Hong Kong, said a China Daily report.

The report said that Haier Co Ltd is planning to buy a 31.93% stake in Haier Electronic Group Co Ltd from its parent Haier Group, to increase its holdings in the Hong Kong-listed company to 51.31%.

Both the companies are yet to formalize the arrangement, but a preliminary agreement has been reached, Qingdao Haier said in a statement. "Qingdao Haier will become the flagship for the white goods business and add Haier Electronic's washing machine and water heater to its line up of refrigerators, air-conditioners, and ice chests," the statement said.

(China Daily)

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