Beijing: Chinese electronics giant Haier Group has announced it will acquire Italian appliances manufacturer Candy for 475 million euros ($547 million) as it looks to expand its market share in Europe. The decision comes as Haier seeks to establish itself as a global brand, amid attempts by China to rebalance its economy more towards consumption and away from the infrastructure and investment-driven model of the past.
The company’s board approved the purchase on Friday, it said. “By joining forces with Candy’s management team, Haier aims to expand its leadership in smart home appliances in Europe,” Haier said. In 2016, the company purchased the appliances arm of US giant General Electric for $5.4 billion.Haier Group is one of China’s leading electronics makers, and emerged from the Qingdao Refrigerator Factory, in the eastern port of the same name.
