Haier Group announced it is participating in Fisher & Paykel Appliances’ (FPA) recapitalization plan. The plan includes the issue of new shares, share placement from existing shareholders and a top-up placement. At the plan’s completion, Haier will hold a 20% stake in FPA and becomes a new cornerstone shareholder of the home appliances manufacturer from New Zealand.

Haier and FPA also signed a Cooperation Agreement for the benefit of both companies that includes the sharing of market, design and technology resources, corporate and product planning, coordination of both companies’s manufacturing resources, optimization of sourcing and cooperation of after sales services globally.

Under the Agreement, Haier will have exclusive marketing and distribution rights of Fisher & Paykel Appliances-branded products in China, and Fisher & Paykel Appliances will have exclusive marketing and distribution rights of Haier-branded products in Australia and New Zealand.