China's Haier is set to take over New Zealand based appliance innovator Fisher & Paykel.
As of Nov. 10, 2012, Haier had acquired 82.8% of the shares of F&P and intended to finalize the takeover in the near-term. Media reports put the final acquisition price at $766.
Haier bought a 20% stake in F&P in May of 2009 and at that time took two seats on the F&P board. Haier soon after leveraged F&P's motor technology in a licensing deal. Technology licensing was expanded later.
F&P is known as an innovative, technology driven appliance maker - particularly it's washing machine motor technology.
Zhang Ruimin, CEO of Haier Group, told China Daily that Haier will use F&P as an avenue for expanding into the high-end appliance market and will leverage F&P's large R&D organization to develop "disruptive innovations."
Haier has reportedly said it will keep the R&D organization in New Zealand.
Back to Breaking News