KKR Buys 10% Stake In Chinese Home Appliance Company

Global investment firm KKR is buying a 10% stake in China-based Qingdao Haier Company Ltd.

Qingdao Haier Chairman Liang Haishan said, "By the end of 2012, the company entered the crucial 'online' strategic phase of its long-term growth plan. We welcome the world-class investment firm KKR to become our long-term strategic partner which will help us effectively execute our growth strategies. KKR's investment is a strong endorsement of our past achievements and future potential. We believe KKR's global resources, operational expertise and experienced local team will help Qingdao Haier to further strength its market leadership position on a global basis."

The transaction is subject to customary regulatory and shareholder approvals.

The investment seems focused on building Qingdao Haier's online capabilities and maintaining its market leadership positions in major home appliance categories such as refrigerators, washers, air-conditioners and water heaters.

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