Haier to acquire business of Sanyo

QINGDAO - China's Haier and Japan's Sanyo have signed a Memorandum of Understanding (MOU) on Haier's acquisition of a portion of Sanyo's home appliance division, said a senior Haier company official on Tuesday.

The two parties are expected to ink a formal agreement at the end of September, said Hair Group Vice President Du Jingguo.

Haier, China's home appliance giant, intends to acquire Sanyo's refrigerator, washing machine, and other electrical-appliance businesses in Japan, Indonesia, Malaysia, the Philippines, and Vietnam, according to the MOU.

The acquisition would also cover Sanyo's washing machine brand AQUA.

The company did not disclose the amount of the transaction.

Haier would have two research centers and four manufacturing bases in Japan and Southeast Asia after the acquisition, Du said.