Photo/Guo Rongcun

Sept. 29 (NBD) -- Chinese home appliance maker Qingdao Haier Co., Ltd (Qingdao Haier, 600690.SH) is to acquire Italian counterpart Candy S.P.A (Candy) for 475 million euros (554.3 million U.S. dollars), according to a filing submitted to the Shanghai Stock Exchange Friday.

Haier Europe Appliance Holding, a wholly-owned subsidiary of Qingdao Haier, has entered into contracts to buy a 100 percent stake of Candy from the Italian firm's shareholders Beppe Fumagalli, Albe Finanziaria S.r.l. and Aldo Fumagalli.

Founded in 1945, Candy is a large family-owned Italian company, which mainly produces washing machines, kitchen appliances, refrigerators and small appliances. It grossed 1.16 billion euro (1.4 billion U.S. dollars) in net profit in 2017, 49 percent of which came from washing machine sales.

Documents Haier provided for NBD shows that the deal, which is expected to be completed in early 2019, is consistent with Qingdao Haier's global expansion strategy. Besides, the deal does not constitute an affiliated transaction, but has to go through antitrust reviews of the European Union, Russia, Turkey, and Ukraine.

So far, Qingdao Haier has acquired a string of foreign brands, including Japan's AQUA, America's GEA, New Zealand's Fisher & Paykel and Italy's Casarte, and the team is still growing.

It's noted that in addition to Qingdao Haier, two other major home appliance makers are seen expanding international presence.

In 2016 alone, Midea Group (000333.SZ) bought Toshiba's home appliance Toshiba Lifestyle Products & Services Corporation, German robot maker Kuka, Italian air conditioner maker Clivet and Electrolux's vacuum cleaner brand Eureka. In early 2017, Midea bought major stake in Israel's motion control firm Servotronix.

Chinese TV maker Hisense Group acquired 95 percent stake in Toshiba Visual Solutions for around 12.9 billion yen (116.3 million U.S. dollars) in late 2017 and further bought Slovenia's home appliance maker Gorenje in May 2018.

Email: tanyuhan@nbd.com.cn