Haier was founded as Qingdao Refrigerator Co in 1984, although the company’s roots date back to the 1920s. It is the dominant whiteware manufacturer in China and has been expanding offshore. In 2005, Haier made a US$1.28 billion, or US$16 per share, bid for Maytag, which was ultimately bought by Whirlpool Corp for US$1.7 billion. In 2009, it bought 20 per cent of New Zealand whiteware firm Fisher & Paykel (F&P) at the height of the global financial crisis, and won control of F&P in October 2012.

Haier bought GE Appliances in June 2016 for US$5.4 billion. Photo: Chinatopix

Haier has a plan to turn around its US$5.6 billion GE Appliances unit

Chinese home appliance manufacturer Haier is seeking to accelerate the turnaround at its recently-acquired GE Appliances, deploying a strategy that will leverage a data platform and the connectivity of appliances based on the internet of things, according to company chairman Zhang Ruimin.