Haier to take 20 percent in New Zealand's Fisher & Paykel

Posted by 7Star Thursday, May 28, 2009

New Zealand's Fisher & Paykel Appliances said Wednesday that Chinese appliance and electronics giant Haier will take a 20 percent stake in the company. The New Zealand white goods manufacturer has been trying to restructure its debt, which ballooned to 518 million dollars (323.5 million US) as it shifted manufacturing to cheaper countries such as Thailand and Mexico, and as the lower New Zealand dollar swelled its foreign debt.

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