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Whitegoods makers forge alliance
(CNN) -- Whitegoods makers Whirlpool Corporation of the United States and New Zealand's Fisher & Paykel Appliances have formed a global alliance to share technology and sourcing of home appliances. Whirlpool president and COO Jeff Fettig said Monday the alliance would provide "significant growth opportunities" for both companies. Whirlpool is already the world's biggest maker of major home appliances such as refrigerators, washing machines, dishwashers and kitchen aids, with annual sales of more than $11 billion. Fisher & Paykel is one of New Zealand's best known brands. News of the tie-up saw its shares close 2.2 percent higher Monday at a record NZ$14.20. In an announcement Monday in Wellington, Fisher & Paykel Appliances managing director John Bongard said the tie-up with Whirlpool would give the New Zealand company greater access to global markets. "Whirlpool also offers us the benefits of global purchasing power and the strength of its global technology development organization," Bongard said. Fisher & Paykel's primary markets are New Zealand and Australia, but it has been expanding recently into parts of Asia, Europe and North America. Last year it signed an agreement with Whirlpool's European unit to distribute F&P dishwashers there. Fisher and Paykel Appliances has annual revenues of about NZ$800 million ($470 million), of which about NZ$600 million is from international sales. Whirlpool, Fisher & Paykel and top European makers are facing increased competition from Asian brands such as Samsung and LG of South Korea, and China's Haier. Last week, Whirlpool said it had filed a patent infringement suit against LG Electronics and the South Korean company's U.S. affiliate, LG Electronics USA. That follows similar action in April by Fisher & Paykel, which alleged LG had infringed patent rights by directly duplicating Fisher and Paykel's washing machine technology.
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