Haier New Zealand Investment Company Ltd (Haier) has received necessary approvals from China’s National Development and Reform Commission (NDRC) to proceed with its offer to acquire all the shares in Fisher & Paykel Appliances Holdings Ltd. The offer remains subject to other regulatory approvals, including from the New Zealand Overseas Investment Office.
About Haier Group
Haier Group is a global leader in innovative, award-winning consumer electronics and home appliances. Headquartered in Qingdao, Shandong, China, Haier Group employs more than 80,000 people around the world and distributes products in more than 100 countries and regions with global revenues reaching US$23.3 billion in 2011. Haier Group has also been ranked by Euromonitor as the number one major appliance brand in the world with a 7.8% retail volume share in 2011, marking the third consecutive year Haier Group has been given this honor.Haier Group subsidiary, Qingdao Haier Co. Ltd (600690.SH), is listed on the Shanghai Stock Exchange and another subsidiary, Haier Electronics Group Co Ltd. (01169.HK), is listed on the Hong Kong Stock Exchange. Qingdao Haier Co., Ltd. is also an index stock of the Dow Jones China 88 Index. Haier Group acquired an approximately 20 percent stake in Fisher and Paykel Appliances in 2009, establishing cooperation agreements in research and development, sourcing, manufacturing and marketing. Haier Group has two directors on the Fisher & Paykel Appliances board.