Whiteware deal

Fisher & Paykel has signed a US$50 million deal with Chinese appliance maker Haier, which will see the Qingdao-based manufacturer take a 20 per cent stake in the New Zealand company. Haier has signed a cooperation agreement covering areas such as sales, manufacturing and joint business development, to transform itself from a producer best known for low prices into a supplier of higher, premium-priced technology. Haier is the world’s fourth largest home appliance manufacturer and employs more than 50,000 globally. Fisher & Paykel is based in East Tamaki. Fisher & Paykel Industries Ltd was founded in 1934 by Sir Woolf Fisher and Maurice Paykel.