Haier eyes high-end market after takeover

BEIJING -- Chinese home appliance giant Haier will execute a complete takeover of New Zealand's Fisher & Paykel and expand its presence in high-end market, Haier Group CEO Zhang Ruimin said Friday.

Haier is aiming to make "disruptive innovations" after the takeover to maximize the gains from the deal, said Zhang on the sideline of the 18th National Congress of the Communist Party of China.

He said Fisher & Paykel and Haier are complementary, with the former specializing in the upscale market, and the latter excelling in market exploration.

To make "disruptive innovation", Haier will not only preserve and develop Fisher & Paykel's brandname but also capitalize on its 300-strong outstanding research and development personnel to lead the industry across the world, Zhang said.

Haier announced on Tuesday that it will fully take over Fisher & Paykel with $766 million.

It now possesses 92.8 percent of the world's luxury household maker.