Chinese appliance maker buys stake in New Zealand whiteware company

Chinese appliance maker Haier is to take a 20% stake in Fisher and Paykel Appliances in a deal combining the New Zealand company's high-end fridges & dishwashers with Haier's vast sales network. Haier will pay up to $58M New Zealand ($36M) for the stake& signed a cooperation agreement covering areas like sales, manufacturing and joint business development, Fisher & Paykel said. Headquartered in Qingdao, China Haier is the world's fourth largest home appliance manufacturer & employs over 50,000 globally. It's long been one of China's most ambitious companies in foreign expansion & has a Los Angeles design center & factories in the U.S., Algeria, Malaysia, Iran & other countries. It's trying to transform itself from producer best known for low prices in a supply of high, premium-priced tech. Shares rose 29