Candy Group has signed a strategic cooperation agreement with Hefei Meiling, a Chinese company listed on the Shenzhen Stock Exchange and among the leading companies in the major domestic appliance market in China. Candy and Meiling will create a joint venture called “Meiling Candy (China) Washing Machine Limited Company” which will follow the marketing and distribution of the washing machines branded Candy, Jinling and Meiling. In particular, Meiling Candy (China) Washing Machine Limited Company will focus on the distribution of front loading washing machines, that are experiencing rapid growth in the Chinese market. The agreement establishes that Candy Group’s Jinling plant will be exclusive supplier of all front loading washing machines on behalf of the Joint Venture. In the growing segment of the front loading washing machines, Meiling Candy (China) Washing Machine Limited Company aims to sell 4 million units in the next three years. The joint venture between Candy and Meiling also marks the beginning of a strategic collaboration in the refrigeration field: Meiling will become a strategic partner of Candy Group for the production of refrigerators and freezers. “According to market researches, Candy Group is the group that has grown the most in Europe in the sector of Major Domestic Appliances. The collaboration with Meiling is an important step in our expansion strategy of the Candy brand in the Chinese market and wants to optimize a unique opportunity for the refrigeration segment in Europe”, said Beppe Fumagalli, CEO of Candy Group.
