China's Haier To Aquire Italian Home Appliance Firm

Chinese electronics giant Haier Group has announced it will acquire Italian appliances manufacturer Candy for 475 million euros ($547 million) as it looks to expand its market share in Europe.

Beijing, (UrduPoint / Pakistan Point News - 2nd Oct, 2018 ) :Chinese electronics giant haier Group has announced it will acquire Italian appliances manufacturer Candy for 475 million Euros ($547 million) as it looks to expand its market share in Europe.

The decision comes as Haier seeks to establish itself as a global brand, amid attempts by China to rebalance its economy more towards consumption and away from the infrastructure and investment-driven model of the past.

The Chinese company's board approved the purchase Friday, it said in a disclosure submitted to the Shanghai stock exchange.

"By joining forces with Candy's management team, Haier aims to expand its leadership in smart home appliances in Europe," Haier said in a press statement.

In 2016, the company purchased the appliances arm of US giant General Electric for $5.4 billion.

Haier Group is one of China's leading electronics manufacturers, and emerged from the Qingdao Refrigerator Factory, in the eastern port of the same name, which its CEO Zhang Ruimin was appointed to run in the mid-1980s.

It had a global turnover of 241.9 billion Yuan ($30.47 billion) and total profit of 30 billion yuan in 2017, according to its website, with customers across 100 countries.