Haier America is becoming a wholly owned subsidiary of the multinational Haier Group in a move that aims to strengthen the company's focus on the Americas.
Previously, Haier America was owned in part by joint-venture shareholders.
"This is an important step forward for Haier," said Shariff Kan, president and CEO of Haier America. "The acquisition is being made to further align the company's global resources toward growth and success for the Haier brand in North and South America."
The company, which manufactures home appliances and electronics, "operates a proven infrastructure for sales, marketing, distribution and services, and is ready to launch into a more robust business model for all stakeholders during this dynamic digital age," said Haier in a statement.
Haier America recently opened a Research & Development Center in Camden, S.C., and elected Rian Cain and John Homlish to oversee the sales and marketing operations of White Goods and Brown Goods, respectively. Lintao Lu will also be overseeing HVAC products.