For those that now us here, we're a cynical bunch and often get accused of being pessimistic so, when we said that Candy and Gorenje would probably be bought many said we were talking nonsense, it'd never happen. Guess what?
Gorenje was snapped up (more or less) by Hisense.
Now Candy has been sold off for €475 million to Haier. The last Italian owned appliance company is no longer Italian.
Yes, that's the same Haier that have been pretty much a laughing stock in the industry for years due to the shoddy machines or at least, they were perceived to be shoddy.
So that's another two "European" companies now in Chinese hands in jus this year and thus far we have no idea what the intentions are for either or, the wider implications for the industry in general. But, there will be effects.
Haier now owns the following brands:
- Fisher & Paykel
- GE Appliances
This making it one of the largest appliance manufacturers in the world, though the PR will tell you they're the largest but so does Whirlpool's.
We'll see how it all shakes out but in the short term, we don't expect a lot of change. Further out, who knows?