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China's Haier Group in bid to buy Maytag

By Published on .

[Shanghai, China] One of China's budding global brands, the white-goods marketer Haier Group, is one of the contenders to buy Maytag Corp., the fourth-biggest appliance manufacturer in the U.S. with sales of $4.7 billion. Haier's possible bid, like the recent takeover of IBM's PC business by Chinese conglomerate Lenovo, is a signal that Chinese marketers are prepared to invest in U.S. brands to gain an edge in global markets. Haier hopes to emulate Korean brands such as Samsung and LG Electronics, which started as cheap Asian knockoffs and grew into strong global brands. Haier already has a global agency, Interpublic Group of Cos.' Foote, Cone & Belding Worldwide.
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