On the evening of September 28, Qingdao Haier announced that it intends to Haier Europe Appliance Holding B.V, a wholly-owned subsidiary of the foreign capital, to pay € 475 million (equivalent to RMB 3.805 billion) for the acquisition of Beppe Fumagalli, ALD
o Fumagalli and Albe finanziaria s.r.l A total of 100% shares held by Italian companies Candy S.p.A (' Candy Company ').
Haier said that the purpose of the acquisition is to enhance the brand layout, increase the overseas market, especially the European market expansion, improve product categories, enhance the coverage of different customer groups. Data show, founded in 1945, Candy Company is a washing machine as the main source of household electrical appliances Enterprises, accounting for about 49% of the company's overall income, its five business sectors including washing machines, freestanding embedded kitchen appliances, small appliances, refrigerators and after-sales service and other services.
With a net income of € 1.16 billion in 2017, it operates in Europe, the Middle East, Asia and Latin America, with 6 production sites in Europe and Asia, more than 45 subsidiaries and representatives, and more than 2000 service centers and more than 6,000 services specialists. By the end of last year, candy company had a total assets of € 894 million, a total liability of 794 million euros, a net debt of 154 million euros and an audited net book value of 100 million euros.
Qingdao Haier said the pricing considerations included the company's profitability in Europe, cost control, distribution networks, factories and research and development centers, and potential synergies brought about by the company's acquisition of business. After the transaction is completed, Haier's European headquarters will be established in Brugherio, Italy. Haier will continue to invest, enhance the competitiveness of candy brand in Europe and globally, and join hands with Candy's existing management team to deepen its smart home leadership in the Internet of things era, providing quality products and customer service to European and global users. This investment has been supported by the Board of Directors of both companies and is an important step in Haier's global market development strategy.
"Qingdao Haier said. The company believes that Qingdao Haier and candy companies in the brand, product mix and supply chain and other areas of strong complementarity. This merger will further enhance the competitiveness of both sides in Europe and the global market, and better meet the increasingly multi-layered and personalized needs of consumers.
In the future, Haier's seven brands, including Candy, Hoover and Rosières brand, will continue to realize the coordinated development of globalization.