Haier Washing Machine - Washing Machines

White goods maker Haier is consolidating its home appliance business by integrating its two subsidiaries listed in Shanghai and Hong Kong, said company executives yesterday.

Shanghai-listed Qingdao Haier Co Ltd is planning to buy a 31.93 percent stake in Haier Electronic Group Co Ltd from its parent Haier Group, to increase its holdings in the Hong Kong-listed company to 51.31 percent.

Both the companies are yet to formalize the arrangement, but a preliminary agreement has been reached, Qingdao Haier said in a statement.

In July 2008, Qingdao Haier spent HK$775.5 million to acquire a 19.38 percent stake in Haier Electronic from Deutsche Bank at a price of HK$1.975 per share.

"This is a key step for us to integrate the home appliance businesses under the Haier umbrella," said Ming Guozhen, secretary to the board of directors of Qingdao Haier.

"Qingdao Haier will become the flagship for the white goods business and add Haier Electronic's washing machine and water heater

Source: 中国日报

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