Haier, Sanyo reach final deal on transfer of white goods operations
China's home appliance giant Haier clinched a final agreement with Japan's Sanyo Electric on Tuesday to purchase the latter's white goods operations in Japan and Southeast Asia.
Under the agreement, Haier will buy Sanyo's washing machine and refrigerator operations in Japan and home appliance businesses in four other countries in Southeast Asia, according to a spokesman with the Haier Group, based in the coastal city of Qingdao, Shandong Province.
The transaction is expected to be completed by the end of March 2012 and nearly 340 Sanyo employees in Japan will join Haier, said the spokesman.
In addition, Haier will be allowed to sell washing machines, consumer refrigerators, televisions and air-conditioners under the Sanyo brand in Vietnam, Indonesia, the Philippines and Malaysia.
The deal came after the two parties signed a Memorandum of Understanding on the acquisition in July.
Founded in 1984, Haier has developed into a world-leading manufacturer of white goods. It reported a turnover of 135.7 billion yuan (about 21.3 billion U.S. dollars) in 2010.