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Qingdao Haier has completed the acquisition of Candy on 8th Jan 2019. Candy is now a wholly-pwned subsidiary of Qingdao Haier
2019-01-10 00:00:00

Qingdao Haier Co., Ltd. has completed the acquisition of Candy S.p.A ("Candy"). Candy is now a wholly-owned subsidiary of Qingdao Haier.

The celebration at Candy's premises in Brugherio, led by Qingdao Haier Chairman, Haishan Liang, and Haier Europe CEO, Yannick Fierling, together with Beppe and Aldo Fumagalli, marks the importance of Candy's integration into Haier as Haier's operations platform for the European market and headquarters of Haier Europe. From today, Yannick Fierling, in his role of CEO of Haier Europe, will also lead the operations of the former Candy Hoover Group.

The aggregated volumes of Haier and Candy groups in 2018 represent a global market share of 15.1% on major appliances, 22.7% on freestanding refrigeration appliances and 19.8% in home laundry appliances (according to Euromonitor data). Combined revenue ranks fifth in Western Europe and aims to enter the top three by 2022.

The acquisition perfectly fits into Haier's strategy to attain a leading position in all regions across the world. The acquisition will benefit from the high complementarity of Haier and Candy's brand portfolios and product platforms in covering all market segments in terms of pricing and product offering, and in providing sustainable home-living solutions to European and global customers. Candy's brands, including Candy, Hoover and Rosières, as well as Haier, GE Appliances and Fisher& Paykel, will be the key international brands in their respective segments and in their respective leadership geographies and aim to become top-of-mind for global consumers.

Haier's vision is to become the global leader in IoT for smart home appliances. The shared innovation and know-how synergies between the two companies in smart home appliances will contribute to Haier's expansion in this segment in Europe as well as globally.

Yannick Fierling said, "Candy represents a major acquisition and is a terrific asset for the growth of our combined group, bringing great value to our employees, customers, business partners and shareholders. Europe is one of the key markets in Haier's global brand strategy and this combination will accelerate Haier's positioning in the region. I look forward to working closely with Candy's experienced management team as we share the commitment to innovate and to provide customized solutions to introduce the experience of the smart universe into our customers' lives."

Haier will continue to invest in Europe to enhance its competitiveness in the region and worldwide. Candy's management team, employees, regional infrastructure, including R&D centers, business network and manufacturing facilities, as well as Candy's unique design and Italian style will be great foundations for our future growth globally. Beppe and Aldo Fumagalli will be non-executive Directors of Haier Europe.

Beppe and Aldo Fumagalli concluded, "We are very excited for Candy to become an important asset of Haier's global network. Combining further investment from Haier with Candy's innovation capabilities and Italian design, technology and style, we are confident that the company will further grow to become the leader in smart home appliances with a high level of competitiveness. Together, we will better meet the increasing demands for more individualized products and make people's lives better and easier."

The acquisition of Candy was in part funded by the successful listing of Qingdao Haier's D-Shares on the CEINEX D-Share Market through admission on the Regulated Market of the Frankfurt Stock Exchange, which was completed on October 24, 2018.


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