Chinese appliance maker Haier Group Co Ltd said on Tuesday it has acquired at least 90 percent of the shares in New Zealand's Fisher & Paykel Appliances Ltd.
"Haier New Zealand Investment Holdings Co Ltd announced today that it has become shareholder of 90 percent or more than 90 percent of Fisher & Paykel Appliance Holdings Ltd," said Haier in an e-mail announcement to China Daily.
Last month, Haier announced it offered NZ$869 million ($710 million), or NZ$1.20 per share, for an 80 percent stake in the company.
A win-win situation in research and development, manufacturing and marketing will be achieved for both Haier and Fisher & Paykel after closer cooperation," said Liang Haishan, chairman of Haier New Zealand Investment Holding Co and president of Haier White Goods, in the statement. "At the same time, we also believe that the cooperation will help Haier continue to strengthen its global competitiveness and further realize localization and internationalization."
Industry experts said the acquisition would give Haier a bigger footprint in overseas markets, especially in markets such as New Zealand and Australia where Fisher & Paykel has a large market share.
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