Qingdao Haier has acquired Candy for a sum of €475million, to accelerate its growth in the European market.

Haier will continue to invest in Candy in Europe and globally, to expand the sales of its smart home appliances.

After the deal closes in in early 2019, Haier’s European headquarters will be based at the Candy Group’s headquarters in Brugherio, Italy.

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The acquisition is expected to enhance both group’s competitiveness in the European and global markets.

A global Fortune 500 company, Qingdao Haier owns six brands, including Haier, GE Appliances, Fisher & Paykel, Aqua, Casarte and Leader.

These will now be joined by Candy Group’s international brands of Candy and Hoover, and national brands of Rosiere in France and Jinling in China.

The company was established in 1989 and was listed on the Shanghai Stock Exchange in 1993.

According to global market research institute Euromonitor, 2017 marked Qingdao Haier’s ninth consecutive year as the world’s largest domestic appliance brand in terms of global sales.

The Candy Group employs approximately 5,000 employees, has seven manufacturing facilities in Europe, Turkey and China, and has 45 subsidiaries and representative offices around the world.

Chairman of the board of directors at Qingdao Haier Liang Haishan said: “In the era of IoT and leveraging its strong R&D capabilities, Candy Group is dedicated to applying network technologies to traditional home appliances, which perfectly aligns with Haier’s ‘Eco-brand’ strategy.

“We believe this transaction marks the beginning of a successful strategic co-operation between Haier and Candy Group, which will not only unlock the potential of the smart home appliance market, but also inspire the sector to continue to upgrade in order to improve customer experience.”

Beppe and Aldo Fumagalli, owners of the family-run Candy group, commented: “We look forward to joining Haier. Qingdao Haier and Candy share the same vision, which is to continue to improve the quality of family life.

“We believe that Candy’s innovation capabilities and Italian design, technology and style will fit perfectly with Qingdao Haier’s operating model.

“Together, we will better meet the increasing demand for more individualised products, and make people’s lives better and easier.”

Candy Group recently boosted their smart appliance production with a €15million investment.