White goods manufacturer Haier will buy a 20% stake in New Zealand appliance maker Fisher & Paykel (F&P), AFP reported. Haier will spend between US$49.95 million and US$51.2 million to buy the stake. F&P had been struggling with a debt of US$323.5 million due in part to a weaker New Zealand dollar. The stake purchase comes as Haier has said it will move out of manufacturing and into developing its brand and service network. Under the terms of the deal, Haier will distribute Fisher & Paykel brands in China, while Haier products will be distributed in New Zealand and Australia.
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