Fridge magnate - Zhang shifts Haier focus for wireless age

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 .

"We used to think: maximize quantity, export more and manufacture more. This isn`t working," Zhang told Reuters in an interview at his Qingdao headquarters.

9713344666

EQUITY MARKET TIPS