China's Haier to buy Sanyo's Southeast Asian white goods business

Sanyo Electric Co, yesterday said that it has reached an agreement with China's Haier Group to sell its Southeast Asian electric washing machine and refrigerator units.

Although the two companies did not disclose the financial terms of the transaction, Haier is reported to have sealed the deal at around $130 million.

The purchase is the first time a Chinese firm has bought major assets from a leading Japanese company.

Haier, the world's 4th largest white goods manufacturer with annual turnover of nearly $21 billion, will buy Sanyo's refrigerator, washing machine, TV and other consumer electric appliances business in Indonesia, Malaysia, the Philippines and Vietnam.

In Japan, the Qingdao, Shandong Province-based company will use both "Haier" and the "AQUA" brand name, a Sanyo product line.

The acquisition will cover the research and development and manufacturing facilities as well as the sales and service business of Sanyo's electric consumer electric appliances, including the washing machine brand "AQUA" and other "AQUA" related brands.