KARACHI, Aug 2: Haier Group Corporation and Sanyo Electric Co Ltd signed a memorandum of understanding (MoU) setting out the terms regarding Haier's intention to acquire Sanyo's refrigerator, washing machine and other consumer electric appliances business in Japan, Indonesia, Malaysia, the Philippines, and Vietnam.

The acquisition would cover the research and development and manufacturing facilities of Sanyo electric's refrigerator's and washing machines business as well as sales and service business of Sanyo Electric consumer electric appliances in the above countries, including the washing machine brand Aqua and other Aqua-related brands.

At the same time, Haier and Sanyo Electric have reached an agreement on the use of Sanyo brand. Upon completion of the transaction, Haier would adopt a dual-brand strategy in Japan with Haier and Aqua brands. Haier would use the Haier brand in Vietnam, Indonesia, the Philippines and Malaysia and simultaneously use the Sanyo brand in these markets for a specified period of time.