Sanyo and Haier Sign Final Appliance Business Transfer Agreement
Oct 20, 2011
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Sanyo Electric Co., Ltd. and Haier Group signed a final agreement on the transfer of Sanyo's major appliances business to Haier. Haier will acquire Sanyo's consumer and commercial washing machine businesses, consumer refrigerator business and white goods sales businesses based in four countries in Southeast Asia.
The main points of the final agreement remain unchanged from the original memorandum of understanding (MOU), signed July 28th, 2011:
Sanyo-held shares of the following companies will be transferred to Haier:
• Sanyo Aqua Corp. - a Japan-based manufacturing and sales company of both consumer and commercial washing machines
• Konan Denki Co., Ltd. - a Japan-based manufacturer of consumer washing machines
• Haier Sanyo Electric Co., Ltd. - a Japan-based developer and engineer of consumer refrigerators
• Haier Electrical Appliance (Thailand) Co., Ltd. - a manufacturer of consumer refrigerators
• Sanyo HA Asean Corp. - a Vietnam-based manufacturing and sales company of consumer refrigerators, washing machines, and other products
• P.T. Sanyo Indonesia - a manufacturing company
• P.T. Sanyo Sales Indonesia - a sales company
• Sanyo Philippines Inc. - a sales company
• Sanyo Sales & Service Sdn Bhd - a Malaysia-based sales company
Haier Group will have the right to use the Sanyo brand name for an undisclosed period of time on certain white goods appliances, including washing machines and consumer refrigerators, and televisions in Vietnam, Indonesia, the Philippines, and Malaysia.
The two companies expect to complete the gradual transfer of the businesses by the end of March 2012.
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