01-Oct-18, Asia Times
The Fumagalli family-owned manufacturer Candy is in the news after being sold to Chinese conglomerate Haier for EUR475 mn (USD547 mn). "By joining forces with Candy's management team, Haier aims to expand its leadership in 'smart' home appliances in Europe," the company announced.
%20Candy.jpg "Candy rush for Chinas electronics giant (c) Candy")
Image: Candy
Following acquisitions from GE and Sanyo, Haier is now a Fortune 500 company with nearly 77,000 staff. Haier produces an array of smart home appliances such as washing machines, fridges, aircon units and cookers.
CEO Zhang Ruimin has pursued a heavy Internet of Things policy. His approach has boosted the bottom line in a highly competitive marketplace. Now the group is making a big push in Europe with the Candy move.