Qingdao Haier Co., Ltd. completed the acquisition of 45% stake in Mitsubishi Heavy Industry Haier Air Conditioner Co., Ltd. and a 49% stake in Qingdao Haier Carrier Refrigerating Equipment Co., Ltd. from Haier Group Corporation.
January 30, 2016
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Qingdao Haier Co., Ltd. (SHSE:600690) agreed to acquire 45% and 49% Stakes In Two Companies from Haier Group Corporation for approximately CNY 840 million on December 22, 2015. 45% stake in Mitsubishi Heavy Industry Haier (Qingdao) Air Conditioner Co., Ltd. and a 49% stake in Qingdao Haier Carrier Refrigerating Equipment Co., Ltd. will be purchased in the deal. Mitsubishi Heavy Industry Haier recorded total assets of CNY 976 million and net assets of CNY 352 million in the period ended September 30, 2015 harvesting operating revenue of CNY 937 million and net profit of CNY 74.03 million. Haier Carrier recorded total assets of CNY 572 million and net assets of CNY 256 million in the period ended September 30, 2015 harvesting operating revenue of CNY 540 million and net profit of CNY 60.7 million.
The deal is subject to Qingdao Haier Co., Ltd.'s shareholder approval in a meeting to be held on January 7, 2016. The deal has been approved by the Board of Qingdao Haier. Qingdao Haier Co., Ltd.'s 1st special Shareholders' Meeting of 2016 on January 7, 2016 approved the deal. The deal has been approved by the shareholders of Qingdao Haier Co., Ltd on March 31, 2016.
Qingdao Haier Co., Ltd. (SHSE:600690) completed the acquisition of 45% stake in Mitsubishi Heavy Industry Haier (Qingdao) Air Conditioner Co., Ltd. and a 49% stake in Qingdao Haier Carrier Refrigerating Equipment Co., Ltd. from Haier Group Corporation in December, 2015 and January, 2016 respectively.
Haier Smart Home Co., Ltd., formerly QINGDAO HAIER CO., LTD., is a China-based company principally engaged in the research, development, manufacture and sales of household electrical appliances. The Companyâs main products include refrigerators/freezers, washing machines, air-conditioners, water heaters, kitchen appliances products, small home appliances and U-home smart home products. The Company also provides the customers with integrated smart home solutions. The Company is also involved in channel integration service business, including logistics, as well as the distribution of home appliances and other products. The Company distributes its products in domestic market and to overseas markets.
Qingdao Haier Co., Ltd. completed the acquisition of 45% stake in Mitsubishi Heavy Industry Haier Air Conditioner Co., Ltd. and a 49% stake in Qingdao Haier Carrier Refrigerating Equipment Co., Ltd. from Haier Group Corporation.