BEIJING, Sept. 30 (Xinhua) -- Qingdao Haier Co.,Ltd. (600690.SH) announced that it had reached agreement with Italian Fumagalli family to buy 100 percent stake in the latter’s Candy S.p.A for 475 million Euros to further accelerate its growth in the European market.
The transaction is expected to complete by early 2019 and Haier's European headquarter will be based in Brugherio, Italy after deal closing, reported the Xinhua-run China Securities Journal.
The deal is expected to further enhance both sides’ competitiveness in Europe as well as globally, and enable them to better satisfy customers’ increasingly sophisticated needs for personalized products. The innovation and synergies between the two companies in smart home appliances will also bring a totally new customer experience, according to Haier, noting that the transaction marks another milestone of Haier's synchronized global development strategy
After completion of the deal, Haier's house of brands, including Candy/Hoover/Rosières, will continue to achieve global synergies and to promote Haier's innovation and upgrades in the home appliance markets after the deal.
Candy Group, a multi-brand company owned by the Fumagalli family, is one of Europe’s leading companies in the market of small and major home appliances. It has seven manufacturing facilities in Europe, Turkey and China, and 45 subsidiaries and representative offices around the world. (Edited by Niu Huizhe, niuhuizhe@xinhua.org)
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