Haier lends helping hand to Fisher & Paykel

The Chinese company bails out New Zealand white goods manufacturer Fisher & Paykel with an investment of up to $51 million.

Qingdao-headquartered Haier Group Corporation has became the latest Chinese firm to make an investment down under, shelling out between NZ$80 million and NZ$82 million $49 million to $51 million for a 20% stake in Fisher Paykel Appliances.

Haier, which earned $17.5 billion of revenues across products in 2008, will have exclusive marketing and distribution rights for the Fisher Paykel range of appliances in China. Haier was advised on the investment by Morgan Stanley.

The New Zealand-based firm, which...

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