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Haier, Sanyo sign merger agreement

(Beijing Daily)

09:52, October 19, 2011

Edited and translated by Yao Chun, People's Daily Online

China Haier Group and Japan's Sanyo Electric Co., Ltd. yesterday reached a final merger and acquisition agreement, under which Sanyo Electric Co., Ltd. will sale its refrigerator and washing machine business in Japan and its white home appliances business in four countries in Southeast Asia to Haier.

The content of the final agreement is nearly the same as the content of the memorandum signed on July 28 by both companies. Sanyo will transfer the equity of its nine wholly-owned companies and joint ventures in Japan and Southeast Asia to Haier.

Of these companies, the four in Japan are dedicated to the development, production and sales of washing machines and the refrigerators, while the other five located in Vietnam, Indonesia, Philippines and Malaysia are dedicated to the production and sales of other domestic appliances.

In addition, Sanyo agreed to allow Haier to sell domestic appliances, such as refrigerators, washing machines, televisions and air conditioners marked with the Sanyo brand in these four Southeast Asia countries for a set number of years.

According to the final agreement, both sides will finish the related business delivery between January and March 2012.

Du Jingguo, the vice president of Haier Group said: "This acquisition is not a simple resource acquisition and superposition but the creative development of the coordination between Haier and former Sanyo. The most precious wealth is talent, and this acquisition enables Haier to gain about 3,100 valuable staff resources from Sanyo."

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