Ron Burgundy Posted May 12, 2015 Share Posted May 12, 2015 By Matthew Miller QINGDAO, China (Reuters) - The Chinese businessman who built the world's second-biggest refrigerator, washing machine and air conditioner empire is putting big overseas acquisitions in the deep freeze, to focus on innovation and connectivity - linking his firm and its customers to their smart home appliances. Zhang Ruimin, the 66-year-old CEO of Haier Group, said global over-capacity and a shift to advanced manufacturing in a wireless age has put off talk of large acquisitions. In recent years, Haier has bought New Zealand's Fisher & Paykel Appliances and Japan's Sanyo Electronics to compete against worldwide home appliances leader Whirlpool Corp and other global brands, including Electrolux AB . He is now driving production and sales at one of China's most successful consumer brands closer to customers, flattening the management structure and streamlining the workforce, in a battle to maintain profitability as China's growth slows. View the full article Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.