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.
to Daily News