The deal represents Haier?s cautious step towards global expansion. The company has a history of growth by aggressive acquisitions in Chins but has not replicated the strategy abroad.

Until the F&P deal, Haier was hesitant about integrating and running a business in a foreign market. In 2005 Haier was outbid by Whirlpool for a stake in Maytag, the US appliances maker. Earlier this year Haier said it had given up bidding for General Electric?s home appliances unit because it did not consider itself prepared for global expansion.

Haier?s tie-up with F&P, which has a focus on high-end niche products, allows the Chinese group to expand into higher-priced products in export markets. Haier?s overseas markets have so far been concentrated on the mass market.

For F&P, which has suffered business losses, the deal is the cornerstone of a recapitalisation package which also includes NZ$575m in new credit lines.

Haier investment earns the company two seats on F&P?s board. The companies also agreed to co-operate in product development, sourcing, manufacturing and marketing. Joint procurement, marketing and production will lower costs over time and expand each company?s geographic reach, Chief Executive Officer John Bongard said.

Under the alliance, the companies gain exclusive distribution rights for each other?s products in their respective home markets. They also agreed to use each others? factories to make the partner?s branded products.

Fisher & Paykel Appliances Holdings Ltd. jumped by a record in Wellington trading after the washer and dryer maker sold a stake to China?s Haier Group and arranged new bank funding.

Fisher & Paykel posted a NZ$95.3 million full-year loss today after sales in Europe and the U.S. plunged and it was forced to sell properties to reduce debt.

?It?s probably a bit of a relief rally, relief that they?ve actually done it,? said James Lindsay, who helps manage the equivalent of $350 million in equities at Tyndall Investment Management Ltd. in Auckland. The rights offer ?is fully underwritten and they?ve got a deal with Haier,? which many investors will view favorably, he said.

The strategic partnership agreed with Qingdao-based Haier will open new markets and sets Fisher & Paykel up ?for the very long term,? John Bongard told analysts and journalists on a conference call.

Fisher & Paykel, which licenses its technology to Whirlpool Corp., also arranged a new NZ$575 million, three- year banking package.

Source : Konaxis

Baidu and Haier have announced plans to enter a strategic cooperation to jointly promote online media television services. According to their agreement, Baidu will provide Internet services and technology support such as search and online community to Haier’s online television scheme, which enables Chinese television users to access Baidu’s services with a remote control.

Baidu is aiming at making its brand ubiquitous among traditional desktop computer users and those users who traditionally would not have access to the search engine’s features. Baidu previously began a strategic cooperation with Nokia which enabled Chinese users to use mobile phones to enjoy Baidu’s search services in the palm of their hands. In 2008, the company launched voice search via telephones.

Source : Chinatechnews