Strauss Group announced today the signing of a partnership agreement between Strauss Water of the Strauss Group and Haier Consumer Goods of the Haier Group, the Chinese home appliances giant, to establish a joint venture in China for drinking water solutions.
This venture will be owned jointly by Strauss Water 50% and Haier Consumer Goods 50%. The venture will be established at a total initial investment of $20 million, with each party investing $10 million. The new company, which will be named “Haier Strauss Water” is expected to launch its first products for the Chinese market in 2011