Retailing, Franchising, and Consumerism Business Intelligence in China

New Zealand Home Appliances Maker Eyes Takeover By Chinese

Chinese home appliances company Haier is rumored to be planning to fully acquire the New Zealand home appliances maker Fisher & Paykel.

According to reports in foreign media, Fisher & Paykel revealed in a statement that Haier plans to complete this acquisition in cash. However, the Chinese company did not yet give any comment on the news.

Founded in 1934, Fisher & Paykel is a global home appliance enterprise that focuses on the manufacturing of high-end refrigerators, washing machines, dishwashers, clothes dryers and cooker. At present, the company boasts an annual output of about 1.2 million high-end home appliance products. With manufacturing bases in New Zealand, the U.S., Italy, and Thailand, its products are sold in over 80 countries and regions worldwide. Fisher & Paykel owns 55% market share in New Zealand, and 18% in Australia. It has about 3,400 employees around the world, including 1,100 in New Zealand.

Kenith Turner, president of Fisher & Paykel, said Haier has been recently talking with major shareholders of the company and may soon propose the purchase price. He said the board of directors has not yet discussed with shareholders and the company cannot give comment before determining more details.

Haier already became a major shareholder of Fisher & Paykel three years ago. In May 2009, Haier acquired a 20% stake in Fisher & Paykel for USD28.5 million. Since November 2009, Fisher & Paykel was responsible for Haier's sales, marketing and customer service in New Zealand.

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