Fisher & Paykel Appliances said today it had signed a global alliance with Whirlpool Corp of the United States, the world's biggest appliance maker.
Fisher and Paykel Appliances (FPA), whose shares closed on Friday on a record high of $13.95, already had distribution agreements with Whirlpool in Europe.
Last year, FPA signed
an agreement with the European arm of Whirlpool to distribute FPA's "dishdrawer" dishwasher under its own or the Bauknecht brands.
The company told shareholders at its annual meeting today the scope of the alliance involved a wide range of cooperative activities between the two companies.
"Initially, the alliance will focus on global sourcing of major home appliances, as well as the sharing and co-development of product technology," Jeff Fettig, Whirlpool's president and chief operating officer, said in a joint statement to New Zealand Exchange.
"This global alliance will provide significant growth opportunities for both Whirlpool and Fisher & Paykel."
He said the relationship would give each company access to a broader set of innovative technologies and products.
FPA managing director John Bongard said Whirlpool would give FPA greater access to important global markets through its extensive distribution system.
Both companies saw themselves as innovators.
"Whirlpool also offers us the benefits of global purchasing power and the strength of its global technology development organisation," Mr Bongard said.
FAP's markets are heavily concentrated in Australasia but it has been expanding, particularly in top range products in the United States, Singapore and parts of Asia and Europe.
Whirlpool has annual sales of over US$11 billion ($19.2 billion), has 68,000 employees, and nearly 50 manufacturing and technology research centrer around the world. It sells products in more than 170 countries.
FAP in June announced it was expanding its Dunedin firm to cope with strong sales growth.
Capacity at its Taieri site will be boosted, creating up to 70 new jobs.
When the market opened this morning, FAP shares sprinted up 40 cents to a new high of $14.35.
- NZPA
