Published on January 8th, 2019 | by The GC Team0
Haier completes Candy acquisition
Chinese manufacturer Qingdao Haier has completed the acquisition of Candy S.p.A, owner of international brands Candy and Hoover and national brands including Rosières.
Haier said the acquisition “perfectly fits” into its strategy to attain a leading position in all regions across the world.
According to Euromonitor data, combined volumes of the Haier and Candy groups in 2018 represented a global market share of 15.1% in major appliances, 22.7% in freestanding refrigeration appliances and 19.8% in home laundry appliances. Combined revenue ranks fifth in Western Europe and the aim is to enter the top three by 2022.
The two companies today said: “Candy’s brands, including Candy, Hoover and Rosières, as well as Haier, GE Appliances and Fisher& Paykel, will be the key international brands in their respective segments and in their respective leadership geographies and aim to become top-of-mind for global consumers.”
Haier also has a vision to become the global leader in IoT for smart home appliances.
“Candy represents a major acquisition and is a terrific asset for the growth of our combined group, bringing great value to our employees, customers, business partners and shareholders,” said Haier Europe CEO Yannick Fierling, who will lead the operations of the Candy Hoover Group.
“Europe is one of the key markets in Haier’s global brand strategy and this combination will accelerate Haier’s positioning in the region. I look forward to working closely with Candy’s experienced management team as we share the commitment to innovate and to provide customised solutions to introduce the experience of the smart universe into our customers’ lives.”
Beppe and Aldo Fumagalli, members of the family which owned the Candy business since it was established in 1946, will be non-executive Directors of Haier Europe.
Pictured above: Qingdao Haier Chairman Haishan Liang (left) and Haier Europe CEO Yannick Fierling at a ceremony marking Candy’s integration into the Haier Group