Haier Takes Strong SE Asia Step With Sanyo Buy 海尔购三洋白电业务

Home appliance maker Haier (HKEx: 1169), a former rising star among Chinese exporters that has gone quiet in recent years, has re-entered the spotlight with its pending purchase of the Southeast Asian refrigerator and washing machine business of Japan’s Sanyo Electronics. (company announcement) This deal could provide a nice boost for Haier, which was already working with Sanyo in some of the markets included in this deal, but strong execution will be critical — something Haier may or may not be able of doing. Sanyo says it is selling the business to Haier as part of a broader reorganization to eliminate overlap with its parent, Panasonic (Tokyo: 6752), which purchased a majority stake in Sanyo in late 2009.  I have no doubt that this is true, but it’s also true that Sanyo lost money in its last fiscal year, and I wouldn’t be surprised if its home appliance division contributed to those losses. Part of those losses no doubt come from any of Sanyo’s costs structures in expensive Japan that Haier would inherit as part of this deal. Haier would presumably move any such operations to cheaper locations to make the business profitable. Working to Haier’s advantage, the business it is buying is also relatively modest, with revenue of around $1 billion. Haier also brings a few strong points to this deal, including its previous joint ownership of the Sanyo Thailand refrigerator business. Overall, given the relatively small scale of the business Haier is acquiring, combined with Haier’s own experience working in developing markets like its own home China market, this purchase looks like a relatively safe one for Haier and should ultimately contribute to its bottom line if it can successfully integrate the business into its own global network.

Bottom line: Haier’s plan to purchase Sanyo’s Southeast Asia white goods business looks like a smart and manageable move for Haier in its quest to become a global brand.

中国家电制造商海尔集团<1169.HK>重新进入人们的视野，公司将购入日本三洋电机在东南亚的洗衣机和冰箱业务。这项交易可对海尔起到很好的提振作用，但关键是执行，海尔在这方面的能力还不是很好说。三洋电机称向海尔出售业务属整体重组的一部分，目的是砍掉与母公司松下<6752.T>重叠的业务。我认为这种说法不假，但还有一点也不假：三洋上财年亏损，如果家电业务对其亏损有一定“贡献”，我不感意外。毫无疑问，部分亏损源於三洋在日本的成本结构，其中部分可能也会转嫁到海尔身上。海尔估计会让此类业务转入成本较低的地点，以实现盈利。海尔所购业务规模不算大，营收大约10亿美元，这点对海尔有利。总体而言，由於海尔所购业务规模不大，加上海尔自身在新兴市场的丰富经验，此桩交易对海尔似乎相对保险，而且最终应会增加海尔的净利，但前提是海尔能将收购的业务成功融入其全球网络中。

一句话：在海尔努力成就全球品牌地位之际，公司购三洋在东南亚白电业务看起来比较明智、可控。

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