The Chinese group Haier acquires Candy for 475 million euros

Objective, expand its leadership in the field of home appliances

The Chinese group Haier acquires Candy for 475 million euros

The Chinese group Qingdao Haier Co., quoted on the Shanghai Stock Exchange and considered one of the world's major producers of home appliances, acquired for 475 million euro Candy SpA, the historic household appliance brand of the Fumagalli family, among the European leaders in the small and large free standing and built-in appliances. Another Made in Italy brand passes in foreign hands, even if nothing had presaged this passage.

In fact, the Candy Group, which had closed 2017 at 1,148 million euros, with a further growth of 14%, in May presented a 2017-2019 business plan that envisaged 105 million of investments to continue to support innovation and growth of the Group, in addition to further investments specifically dedicated to marketing and communication.

Now, according to the agreement, Haier will invest in Candy to increase its competitiveness in Europe and globally with the aim of expanding its leadership in the field of smart appliances in Europe and providing high quality products and services to European and global users.

In fact, this investment marks an important milestone in Haier's global development strategy, which has constantly turned its commitment to innovate in strategic development, brand development, business modeling, research and development and intelligent manufacturing, as well as in domestic and international expansion. Qingdao Haier, which is part of the Fortune 500 rank, has six global brands, Haier, GE Appliances, Fisher & Paykel, AQUA, Casarte and Leader.

After the completion of the operation, Haier will establish its own European headquarters in Brugherio, where Candy's headquarters are now located.


Qingdao Haier and Candy Group: strategic cooperation

Qingdao Haier and Candy Group are highly complementary in terms of their products, brands and supply chain portfolio. This combination will further enhance the competitiveness of both parties in the European and global markets by better meeting the demand from customers for customized products. The investment by Qingdao Haier in Candy demonstrates the Chinese group's dedication to the European and global market. Upon completion of the agreement, Haier's core brands, including Candy / Hoover / Rosières, will continue to produce synergies globally and promote Haier's innovation along with the progress of the European and global home appliances market.

Liang Haishan, Chairman of the Board of Qingdao Haier Co., Ltd. said: "We believe this operation marks the beginning of a successful strategic cooperation between Haier and Candy Group, which will not only stimulate the potential of the home appliance market smart, but it will also inspire the industry to stay on the cutting edge to improve the customer experience".

For their part, Beppe and Aldo Fumagalli said: "We are happy to join Haier. Qingdao Haier and Candy Group share the same vision, which is to continue to improve the quality of life for families. We believe that the capacity for innovation, technology and design combined with the Italian style of Candy will perfectly integrate with the operating model of Qingdao Haier. Together we will better meet the increasing demands for more personalized products and make people's lives better and simpler".

J.P. Morgan has assisted Qingdao Haier as the sole international financial advisor, while Goldman Sachs International has assisted Candy as a financial advisor.


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