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 sold NZ$1.2 billion worth of white goods in the most recent financial year, will have the same rights for Haier-branded products in Australia and New Zealand.
The investment by Haier is part of a...