Global leading home appliance manufacturer Qingdao Haier Co Ltd and global leading private equity firm KKR announced on Monday the signing of a definitive agreement under which KKR will acquire a 10 percent stake in Qingdao Haier, establishing a long-term strategic partnership to collaborate on multiple areas.

Qingdao Haier Chairman Liang Haishan said, "By the end of 2012, we entered the crucial 'online' strategic phase of its long-term growth plan. We welcome the world-class investment firm KKR to become our long-term strategic partner which will help us effectively execute our growth strategies."

"We are delighted to have the opportunity to partner with such an excellent company," said David Liu, a partner of KKR and CEO of KKR Greater China.

"We look forward to fully utilizing KKR's global resources and local expertise to assist Qingdao Haier in its next phase of growth by capitalizing on the opportunities created by China's continued urbanization and increasing consumer income trend, while also accelerating its international expansion" added Liu.