Qingdao, Shandong – Chinese appliance giant Qingdao Haier is to acquire Italy's Candy through its subsidiary Haier Europe Appliance Holding.
Haier to fully acquire Italy’s home appliance maker Candy
The contract was signed on September 28 with Candy shareholders Beppe Fumagalli, Aldo Fumagalli and Albe Finanziaria that respectively owns 30%, 30% and 40%. The deal was worth $551m (EUR 475m).
According to Qingdao Haier’s announcement, Candy has 45 subsidiaries and offices across the globe. It has six manufacturing sites in Europe and Asia that make washing machines, refrigerators, kitchen appliances and small household appliances. It has also set up over 2,000 services centres with 6,000 staff.
Last year Candy recorded €1.15bn revenue – nearly half of which was from washing machines – up 14% from 2016. Net profit, however, dropped 82% to EUR 2.2m. Meanwhile EBITDA fell just 3% TO EUR 76.3m. The company’s net book value was €100m as of the end of 2017.
'The deal’s price has figured in the target company’s profitability in Europe, cost control abilities, distribution network, plants and research centres as well as the potential synergistic effects after business integration upon the completion of acquisition,' said the Haier announcement.
