Haier and Fagor to set up joint venture

The joint venture, to be held at 51% by Haier and 49% by Fagor, will oversee the construction of a new refrigerator production factory in Wroclaw, Poland. Annual production capacity at the new site, located at the Fagor Group Polish Industrial Park, is forecast to reach 500'000 units, rising to 1 million units within five years. With a co-investment of EUR 56 million, this agreement will enable Haier to considerably strengthen its position in Europe. It is also part of the growth plan that the Spanish company Fagor has established for 2013-2016. Rene Aubertin, CEO of Haier Europe, said, "This long-term partnership demonstrates Haier's strong ambitions in Europe. Fagor is a key player in the white goods industry and a leader in technical innovations. We are delighted to combine our strengths with such a reputable partner to deliver outstanding products to our customers." "This agreement will strengthen Fagor's international brand image and reinforce our business growth in key markets," stated Sergio Trevino, CEO of Fagor Group. "We are delighted to collaborate with a global leader such as Haier to improve our competitive positioning in both the European and Asian regions," he concluded. The construction of the refrigerator factory is due to begin in September 2013 and production is expected by June 2014.