Haier Buys SANYO to Take the Lead

Haier Group signed a final agreement with SANYO Electric Co., Ltd. on October 18, 2011 to acquire several business of SANYO. The main points of the final agreement are similar to the MOU signed between the two parties on July 28 this year. The transfer of related business is expected to be gradually completed from January to the end of March 2012.

The acquisition of the traditional white goods business of SANYO will help Haier become a global leader and rule-maker in white-goods market.

The signing ceremony was attended by Yang Mianmian, President of Haier Group, and Mitsuru Homma, Vice President of SANYO Electric Co., Ltd.. President Yang said: “Haier is not buying SANYO just for sales increase, but for creating an even greater advantage in the Internet era by combining the existing advantages of both companies.” Vice President Mitsuru Homma also expressed his confidence on the broad development prospects after the merger.