Haier, a home appliances and consumer electronics company, agreed to acquire South Africa's water heater business from Electrolux, a multinational home appliance manufacturer, for $135m. "The acquisition is an important step in the strategic implementation of Haier Smart Home's development in African market. Leveraging Kwikot's extensive HVAC channel and service coverage, Haier Smart Home will realize synergies in product and supply chain management to expand Kwikot's water heater lineups and unlock potentials in solar water heaters and water purifiers. In addition, Haier Smart Home will also accelerate its refrigerators and laundry businesses with the help of Kwikot's strong local distribution channels," Haier.