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Haier India Buys Daewoo Anchor Aug 10, 2007 |
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Haier India announced it will buy the appliance business of Anchor Daewoo for an undisclosed amount. The deal will primarily involve the appliances production unit of the company at Ranjangaon in Pune, India. However, the brand rights for the South Korean electronics brand Daewoo in India will continue to be held by the Anchor Group and is not part of the deal.
Haier said the deal will give it a local manufacturing footprint in India. Haier had been sourcing some of its products locally and had a long-term product sourcing arrangement from Anchor Daewoo's Pune plant, which employs about 500 people, including 350 contract workers.
Haier initially plans to manufacture refrigerators at the Pune facility.