HAIER AND SANYO SIGN FINAL AGREEMENT TO ACQUIRE WASHING MACHINE, REFRIGERATOR AND OTHER CONSUMER ELECTRIC APPLIANCE BUSINESSES OF SANYO ELECTRIC CO., LTD
Qingdao, China/Osaka, Japan, 18 October 2011 – Haier Group (“Haier”) and SANYO Electric Co., Ltd. (“SANYO Electric”) today signed a final agreement for Haier to acquire SANYO’s washing machine and consumer use refrigerator businesses in Japan, and washing machine, consumer use refrigerator and other consumer electric appliance businesses in Indonesia, Malaysia, the Philippines and Vietnam.
The details of the final agreement, which is largely in line with the Memorandum of Understanding (MOU) signed on July 28 of this year, include:
Mr. Du Jingguo, Vice President of Haier Group said, “This acquisition is not one that simply brings together the resources from Haier and SANYO, but one that enables us to create a synergy of research and development (R&D) and marketing systems by combining the resources of both companies. This is an opportune time for Haier to augment our R&D capabilities and build up first-class, competitive manufacturing bases across Japan and Southeast Asia, as well as localize our sales and marketing efforts in Southeast Asia. Haier will implement a dual-brand strategy with the “Haier” and “SANYO” brands in Southeast Asian markets, and with the “Haier” and “AQUA” brands in Japan, so as to achieve rapid growth from our innovation-led processes.”
“The key success factor of any acquisition is not the amount of capital investment, nor is it merely an acquisition of resources; it is dependent on the integration of cultures and management philosophies. The most valuable factor is talent. This acquisition will bring about 3,100 SANYO employees to Haier,” continued Mr. Du. “Haier will respect local cultures and ensure that the levels of compensation for these employees will not go lower than what they were previously receiving. By introducing Haier’s model and platform to encourage innovation, and with a team which has inherited SANYO’s 60 years of history, we can become a forerunner and trendsetter in global home appliances technology and marketplace. I believe that employees will hold high expectations for us in this regard.”
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About Haier Group
Established in 1984, Haier Group is a multinational consumer electric and home appliances company headquartered in Qingdao, Shandong, People’s Republic of China. In 2010, its global revenue was USD$ 20.7 billion. Haier Group’s home appliances and consumer electric business cover the research & development, manufacturing and sales of refrigerators, washing machines, air conditioners, water heaters, kitchen appliances, color TV, computers, mobile phones and U-HOME Series products.
About SANYO Electric Co., Ltd.
SANYO Electric Co., Ltd., a member of the Panasonic Group, is a global company with leading energy and environmental technology and products for commercial and consumer use. SANYO offers products and services that focus on energy generation, energy storage and efficient energy usage, such as photovoltaic (solar) systems, small- to large-scale-use rechargeable batteries, as well as other energy-efficient products and electronic components that are designed with the environment in mind.
For further information, please contact:
Contact Person: Ms. Xing Yang / Ms. Wendy Loh
Tel: (86-10) 5816 2522 / (86-10) 5816 2601