Qingdao, Shandong – Chinese company Qingdao Haier closed its purchase of 100% of Italy’s Candy at EUR 475m on 4 January.
The contract was signed in September 2018, as UTECH-polyurethane.com reported at the time.
Haier Europe Appliance Holding bought the shares, and transferred them to Haier Europe Appliance Solutions, based in Italy. Both are fully owned Haier subsidiaries.
‘The transaction will further improve our company’s branding landscape, fuel our expansion in overseas markets, especially Europe, and increase our coverage with a broarder product portfolio,’ said a filing on the Shanghai Stock Exchange.
The combined volumes of the Haier and Candy groups in 2018 represented a 15.1% global market share in major appliances, and 22.7% of freestanding refrigeration appliances, a joint press release by the two company claimed.
Qingdao Haier partly funded the purchase by selling new shares on the Frankfurt stock exchange. CEINEX D-Shares were launched on the exchange in October 2018, according to the press release.