Singapore, SINGAPORE - 30 March 2012 – Today, Haier Group Corporation (“Haier”), the world's no. 1 white goods manufacturer, and SANYO Electric Co., Ltd. (“SANYO Electric”) held a closing ceremony in Singapore to officially mark the completion of Haier’s acquisition of SANYO Electric’s refrigerator, washing machine and other consumer electric appliances business in Japan, Indonesia, Malaysia, the Philippines and Vietnam.

To mark the occasion, Mr. Du Jingguo, Vice President of Haier Group and Masahiro Kinoshita, Vice President of Planning for SANYO Electric each signed the acquisition completion document. This was followed by Mr. Du accepting SANYO’s Equity Book from Mr. Kinoshita, signaling the official completion of the transition period between the two companies.

As per the terms outlined in the Memorandum of Understanding that Haier signed with SANYO Electric in July 2011, the two companies have completed the acquisition process by the end of March as planned, including the transfer of SANYO Electric’s operations as well as customer care and after-sales service in each of the above markets. In addition, Haier’s dual-brand strategy is now in full operation across these markets. In line with the agreement, Haier will operate in Japan as its Asian Headquarters, using its “Haier” and “AQUA” brands. Haier will use the “Haier” brand in Vietnam, Indonesia, the Philippines and Malaysia, while simultaneously using the “SANYO” brand in these markets for a specified period of time.

“SANYO Electric has already earned a strong reputation for its R&D, product line and marketing network in Japan and Southeast Asia.  Our dual-brand strategy was designed to leverage SANYO Electric’s competitive advantages while enhancing the new markets’ offerings through Haier’s strengths in innovation, quality and design. We hope Haier can bring additional high-quality choices to consumers in these markets to help them better enjoy their life,” said Mr. Du Jingguo, Vice President of Haier Group.

The acquisition of SANYO Electric’s consumer electric business was made to enhance Haier's R&D, manufacturing and marketing capabilities in Japan and Southeast Asia to better serve the needs of local consumers.

“As the global leader in the white goods industry, Haier’s goal is to be among the top three brands in these markets. The SANYO Electric acquisition will help us achieve this goal faster,” added Mr.Du.

About Haier Group:

Established in 1984, Haier Group is a multinational consumer electric and home appliances company headquartered in Qingdao, Shandong, People’s Republic of China. In 2011, its global revenue was USD$23.3 billion. Haier Group’s home appliances and consumer electric business covers the research & development, manufacturing and sales of refrigerators, washing machines, air conditioners, water heaters, kitchen appliances , color TVs, computers, mobile phones and U-HOME Series products.

About SANYO Electric Co., Ltd.:

SANYO Electric Co., Ltd., a member of Panasonic Group, is a global company with leading energy and environmental technology and products for commercial and consumer use. SANYO offers products and services that focus on energy generation, energy storage and efficient energy usage, such as photovoltaic (sola) systems, small-to large-scale-use rechargeable batteries, as well as other energy-efficient products and electronic components that are designed with the environment in mind.

For more information, please contact:
 

Rohini Mukherji

Hill+Knowlton Strategies

rohini.mukherji@hkstrategies.com

(86) 10 5967 7625

Ang Gao

Hill+Knowlton Strategies

Ang.gao@hkstrategies.com

(86) 10 5967 7648