Brown home appliances manufacturer Schneiders home appliances has purchased brown home-appliances maker Schneids Home Appliance.
The deal was first reported by The Daily Mail.
Schneider has a huge footprint in the Middle East and South Asia and has grown from its roots in the United Arab Emirates to dominate the market for home appliances in the region.
The acquisition comes at a time when demand for Schneiers products is rising as a result of a surge in popularity of Chinese-made appliances, especially in the Gulf region.
In an attempt to increase sales, Schneisers marketing and marketing departments have been focusing on introducing more foreign-made products, such as the Chinese-branded Apple HomePod and the Sony Walkman.
The sale also comes as the company is attempting to rebrand its brand after being acquired by German-based Chinese manufacturer Foxconn in 2016.
The company has previously sold products including the Foxconn HandyHome and Foxconn PaddleHome.
Schneeider already has more than 40 brands in the market including Apple HomeKit, Foxconn’s Apple TV and Foxcton’s PaddlePods, but it is not clear how much of the brand it is buying in this deal.
As part of the deal, the Schneiens said they would pay an annual dividend of about $2.5 million.