QINGDAO, Sept. 25 (Xinhua) -- The Haier Group, China's largest manufacturer of white goods, announced here Tuesday that it will cooperate with the Cisco Systems Inc. on networking systems for home and individual users and on expanding the Chinese and international markets.
According to a memorandum of comprehensive strategic cooperation signed by the two companies in the east China city of Qingdao, they intend to share best practices in group management and processes, financial management and controls, strategic investments and capitalization cooperation, and construction of information infrastructure.
But details of cooperation or the products they might develop were not revealed.
"We believe it is necessary to take advantage of Cisco's business practices as a model for efficient international expansion, particularly in areas like customer service that rely heavily on networked information technology," said Zhang Ruimin, CEO of Haier.
"We are looking forward to enhancing our work with Cisco and sharing best practices in both China and overseas markets to enhance our common competitiveness," he said.
The Qingdao-based Haier Group, the world's fourth largest white goods manufacturer and one of China's Top 100 IT companies, has diversified operations throughout the world with more than 50,000 employees.
The group reported global revenues of 107.5 billion yuan (14.2 billion U.S. dollars) last year, up 8.6 percent from a year earlier.
California-based Cisco would share its experience in networking technologies to improve competitiveness, drawing on Haier's local management and operation practices, said Thomas Lam, president of Cisco China.