Chinese manufacturer, Qingdao Haier, has completed the acquisition of Candy S.p.A, which owns Candy and Hoover.
Haier Europe CEO, Yannick Fierling, will now lead the operations of the former Candy Hoover Group. He said the acquisition fits perfectly into Haier’s strategy to attain a leading position in all regions across the world and that Haier and Candy’s brand portfolios will complement each other and provide sustainable homeliving 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 aim to become top-of-mind for global consumers, they reported. Not only this, but Haier’s vision is to become the global leader in IoT for smart home appliances.
According to Euromonitor data, combined volumes of the Haier and Candy groups in 2018 represented a global market share of 15.1 per cent in major appliances, 22.7 per cent in freestanding refrigeration appliances and 19.8 per cent in home laundry appliances. Combined revenue ranks fifth in Western Europe and the aim is to enter the top three by 2022.
Yannick Fierling, pictured right, meeting with Qingdao Haier Chairman, Haishan Liang (left), commented: “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. Europe is one of the key markets in Haier’s global brand strategy and this combination will accelerate Haier’s positioning in the region.”
Beppe and Aldo Fumagalli, who are members of the family that owned the Candy business since 1946, will be non-executive Directors of Haier Europe. They added: “Combining further investment from Haier with Candy’s innovation capabilities and Italian design, technology and style, we are confident that the company will further grow to become the leader in smart home appliances with a high level of competitiveness.”