On January 8, 2019, Qingdao Haier has completed the acquisition of Candy S.p.A (“Candy”). Candy is now a wholly-owned subsidiary of Qingdao Haier. As Candy has joined Haier for a month, the January performance reached 100% completion of budget. The good performance is a good example of the synergy effect of 1+1>2. It is also a solid proof of how micro-enterprises embrace the Rendanheyi Model and constantly challenge themselves.

Group Photo of Haier Europe Management Team

Among the previous common practices of international M&A cases, it is rarely seen that the companies are able to complete the budget in its initial phase. A "running-in period" is usually needed. However, Candy achieved this breakthrough with the smooth integration under the guidance of Rendanheyi Model.

Highly Recognition of the Micro-Enterprises Model, Generating Structural Innovation

Candy chose Haier, one of the reasons was the recognition of Haier's management model and foreseeing the long-term advantage and synergy effects of "Haier+Candy." Candy has the prototype of micro-enterprises. In its original management model, the business was split into various production lines, and the market was divided into different countries and regions. Each team had good execution and market-oriented mechanism has been implemented in all teams. The recognition of the management model enabled Candy to accept the micro-enterprise model in such a short period of time to innovate its own management model. The original management network was further refined to establish two types of micro-enterprises, the production lines and regional/country level market.

Yannick Fierling, CEO of Haier Europe said, “I look forward to working closely with Candy's experienced management team as we share the commitment to innovate and to provide customized solutions to introduce the experience of the smart universe into our customers' lives.”

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