Candy bought by China's Haier

Milan, September 28 - Haier Electronics of China, world leader in white goods, on Fridau bought Italian home appliance maker Candy for 475 million euros. The Qingdao-based household refrigerator and home freezer manufacturing company said it had bought out the two Italian partners in Candy, which makes washing machines and fridges. Candy is a large family-owned Italian company based in Brugherio, near Milan, that manufactures domestic appliances. Candy's appliances such as washing machines and fridges are known more through their continued marketing of the Hoover and Kelvinator brands, with over 80% of sales outside Italy. Haier Group Corporation is a Chinese collective multinational consumer electronics and home appliances company headquartered in Qingdao, Shandong province, China. It designs, develops, manufactures and sells products including air conditioners, mobile phones, computers, microwave ovens, washing machines, refrigerators, and televisions. According to data released by Euromonitor, the Haier brand had the world's largest market share in white goods, with 10.2 per cent retail volume market share, in 2014. This was the sixth consecutive year in which Haier had been the market share leader for major appliances.