Haier America Becomes Wholly Owned Subsidiary of Haier Group

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NEW YORK, Aug. 15, 2013 (GLOBE NEWSWIRE) -- Haier, a leading manufacturer in home appliances and electronics, has announced that Haier America has reached an agreement with its minority joint venture shareholders to acquire their shares and make Haier America a wholly owned subsidiary of Haier Group.

"This is an important step forward for Haier," said Shariff Kan, President and CEO of Haier America. "The acquisition is being made to further align the company's global resources toward growth and success for the Haier brand in North and South America."

For Haier, this change signifies a continued focus and commitment to serving our customers in the Americas and a sustained investment in significant growth platforms in home solutions, new markets and consumer alliances. Haier America will continue to build upon its differentiating expertise around Haier products and services.

Haier America recently established a Research & Development Center in Camden, South Carolina, reinforcing its commitment to offering home solutions specifically tailored to the North and South American markets. The R&D Center is part of the Haier America Industrial Park, a $40 million facility on 110 acres of land which was opened in March of 2000. Haier is dedicated to meeting consumer needs through practical innovation which will empower them to live a modern, affordable and sustainable lifestyle.

Haier America remains dedicated to the Haier businesses and the strong relationships enjoyed with dealers, suppliers, customers and consumers in the Americas. Haier operates a proven infrastructure for sales, marketing, distribution and services and is ready to launch into a more robust business model for all stakeholders during this dynamic digital age.

Further strengthening the company's leadership, Haier America recently hired industry veterans Rian Cain and John Homlish to oversee Sales & Marketing for White Goods and Brown Goods respectively and elevated Lintao Lu to oversee HVAC products.

About Haier

Haier America is wholly owned subsidiary of the multinational Haier Group, a global leader in home appliances and consumer electronics. Haier employs more than 80,000 people around the world and distributes products in more than 100 countries and regions with global revenues reaching $25.8 billion in 2012. Haier is a proud supporter of the National Parks Conservation Association and Food Bank for New York City. For more information, please visit www.haieramerica.com. You can also become a Fan of Haier America on www.facebook.com/Haieramerica or follow Haier America via Twitter @haieramerica.

CONTACT: James Liess Haier America Public Relations 212-594-3339 ext.2006 jliess@haieramerica.com Audrey Reed-Granger 70kft 214-653-1600 ext.101 Audrey@70kft.com

Source: Haier