Qingdao Haier acquires Candy

Haier Co., Ltd., has completed acquisition of Candy S.p.A. Candy is now a wholly-owned subsidiary of Qingdao Haier. This marks the importance of Candy’s integration into Haier as Haier’s operations platform for the European market and headquarters of Haier Europe. Yannick Fierling, in his role of CEO of Haier Europe, will lead the operations of the former Candy Hoover Group. The acquisition will benefit from the high complementarity of Haier and Candy’s brand portfolios and product platforms in covering all market segments in terms of pricing and product offering, and in providing sustainable home living solutions to European and global customers.

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. The shared innovation and know-how synergies between the two companies in smart home appliances will contribute to Haier’s expansion in this segment in Europe as well as globally. Beppe and Aldo Fumagalli will be non-executive directors of Haier Europe. The acquisition of Candy was in part funded by the successful listing of Qingdao Haier’s D-Shares on the CEINEX D-Share market through admission on the regulated market of the Frankfurt Stock Exchange, which was completed on October 24, 2018.

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