China's Haier Eyes New Zealand Appliance Maker(Fisher & Paykel)

deeageauxSeptember 10, 2012

By LUCY CRAYMER in Wellington, New Zealand, And LAURIE BURKITT in Beijing

Chinese appliance maker Haier Group Corp. has expressed an interest in making a takeover offer for Fisher & Paykel Appliances Holdings Ltd., FPA.NZ +28.00%the New Zealand company said, a move that highlights Chinese companies' growing interest in expanding overseas.

F&P Appliances said in a statement to the New Zealand stock exchange that Haier, which already owns a 20% stake in the company, said it was approaching F&P Appliances' three largest shareholders regarding a possible takeover offer and was undertaking limited due diligence on the company.

No financial details have been disclosed, but F&P Appliances said 'the potential cash offer price indicated by Haier would represent a premium to Fisher & Paykel Appliances' current share price.' A spokesman for Haier declined to comment.

Shares of Fisher & Paykel surged 29% to 97 New Zealand cents (about 79 U.S. cents) on Monday. It had a market capitalization of US$569 million after it disclosed Haier's interest.

Here is a link that might be useful: Rest of Article

Thank you for reporting this comment. Undo
deeageaux

Just a heads up to anyone considering Fisher & Paykel or its premium brand DCS.

    Bookmark   September 10, 2012 at 5:23AM
Thank you for reporting this comment. Undo
SparklingWater

deegeaux, I read an appliance cooking specialist review from 2003 today on open burners on Blue Star, DCS, Viking and Jade. He ran it through boiling, simmering, searing comparison tests (time, quality etc). Blue Star rated highest, DCS second in his five categories. Wonder what happened to DCS? I'm sure it's a bit of story.

    Bookmark   September 10, 2012 at 5:32PM
Thank you for reporting this comment. Undo
weissman

DCS is still very much alive and kicking. There are a number of us forum members who are very pleased with our DCS ranges both pre- and post- sale to F&P. I think they're not so popular on this forum because they have sealed burners but I LOVE the dual stacked sealed burners with the incredible simmer. The founders of DCS sold the company to F&P and then started Capital. I'm amazed that the people who invented the dual stacked burner for DCS can't achieve a decent simmer on the open burner Capital Culinarian.

    Bookmark   September 10, 2012 at 7:40PM
Thank you for reporting this comment. Undo
lee676

Haier tried to buy the remnants of Maytag too, before they got into a strange bidding war with Whirlpool who eventually paid more than Haier thought they were worth (they were right - most of Maytag's plants were losing money and Whirlpool wound up closing many of them). I think they just didn't want Haier to become a major competitor.

Haier already sells many of their appliances in the US under their own name, but they have only a small presense here, mostly at the low end.

    Bookmark   September 10, 2012 at 8:37PM
Thank you for reporting this comment. Undo
deeageaux

The Capital Culinarian has a more than decent simmer on all its burners.

DCS can be found at some Southern California Lowes.

    Bookmark   September 10, 2012 at 8:42PM
Thank you for reporting this comment. Undo
SparklingWater

Yes, weissman, I recall you have a DCS and are very happy with it. :) I watched a couple of videos on it with the dual stack burners-nice touch.. How is your DCS oven? Even heat? How about service, have you had many calls? You got yours what, five years ago? I know DCS is still around and kicking. If they are going anywhere, maybe Mexico would be better-economy is turning around, strong middle class who want sound products and manufacturing jobs. But it's always about $$ when takeovers occur.

    Bookmark   September 10, 2012 at 9:03PM
Thank you for reporting this comment. Undo
weissman

The DCS oven is great - nice even heat - the self-clean could be a little bit better - it doesn't clean the bottom front part of the oven too well.

I've had the range 10 years now. Haven't needed a service call since the first year. I did have to clean the gas simmer orifice on one of the burners recently but I figured out how to do it myself.

    Bookmark   September 10, 2012 at 9:08PM
Thank you for reporting this comment. Undo
SparklingWater

Thanks for answering. It's always exciting to know a happy appliance consumer, backed up by a decade of lack of maintenance issues. Sounds like you got a winner!

    Bookmark   September 10, 2012 at 9:23PM
Thank you for reporting this comment. Undo
lee676

It's a done deal. As of today, Haier now owns Fisher & Paykel and DCS, acquiring the 80% of the company they didn't already own for US $570 million.

A National Business Review article notes they they hope earnings in North America will rise to $20 million in then next five years. Quite ambitious given they only earned $1 million in the last year.

Haier evidently wants F&P's direct-drive motors and refrigerator compressors, as well as their distribution network. F&P hit on hard times a few years ago during the economic crisis and became a penny stock, making them an attractive takeover target.

Here is a link that might be useful: Bloomberg - Haier buys F&P

    Bookmark   September 13, 2012 at 5:11PM
Thank you for reporting this comment. Undo
deeageaux

Bloomber says Haier has made an offer and the single largest shareholder as accepted.

But Haier still does not own 51% of the stock although it is likely.

I thought Whrilpool might bid as they were going to buy Fisher and Paykel variable speed compressors that they evidently like more than their own.

    Bookmark   September 13, 2012 at 7:44PM
Thank you for reporting this comment. Undo
deeageaux

New Zealand Herald Reports other buyers may bid on F & P.

__________________________________________________________________________________________________________________
By Christopher Adams

5:30 AM Friday Sep 14, 2012

Fisher & Paykel Appliances chairman Keith Turner says Haier's takeover bid for the whiteware maker has prompted 'credible approaches' from other interested parties.

German appliance giant Bosch is understood to be looking at either purchasing a blocking stake in - or potentially making a rival bid for - the Kiwi company.

Darryl Robinson, general manager of Bosch Siemens Home Appliances in New Zealand, declined to comment on the matter yesterday.

Turner would not reveal which companies were showing an interest in F&P Appliances, or what their intentions might be.
Haier is proposing to offer $1.20 per share for the 80 per cent of the stock it does not already own. 'These circumstances generally give rise to a wide range of interests ... whether [interested parties] end up making an offer that's of significance or not is entirely uncertain,' Turner said.
Turner said the approaches were more than just 'tyre kicking'.

Earlier in the week market commentator Arthur Lim said Haier would become an even more formidable force if it owned 100 per cent of the New Zealand company.

That would 'certainly be of concern to some other white goods competitors our there', he said.

F&P Appliances said yesterday that it had appointed Grant Samuel as independent adviser to prepare a report on the proposed offer. Its shares closed up up 1.3 per cent at $1.18.

Here is a link that might be useful: LINK

    Bookmark   September 14, 2012 at 3:29AM
Sign Up to comment
More Discussions
Island hood location/height
I've got a cooktop that's 20" X 37" that...
dickross
Whirlpool Chillerator Repair Question
I posted on this issue in Electrical Wiring, but I...
amyf5
good experience with AJ Madison
Got a really good deal on $5k worth of Bosch appliances...
logastellus
Any experience with a Miele or other plumbed-in coffee machine?
Heavily considering a plumbed in cva4066ss Miele coffee...
Vandit
Over & Under refrigerator advice/options
I am remodeling my kitchen and planning to use separate...
uscpsycho
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™