RISING STAR: 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.
QINGDAO, China: 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.
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