Haier to consolidate product line in deal

"Under a transfer agreement, Qingdao Haier will pay cash to buy 647.12 million shares, or 31.93 percent, of Haier Electronics at HK$3 ($0.39) per share, for a total of HK$1.94 billion ($284 million), according to a statement from Qingdao Haier released Monday.

Qingdao Haier produces air-conditioners, refrigerators, TVs and computer, while Haier Electronics produces washing machines and water heaters for showers. The two companies have different product managers and sales channels, said Bi Yan, an analyst with China Merchants Securities."

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