In early 2024, Haier Group announced one of its most significant strategic moves in recent years: the acquisition of Carrier Commercial Refrigeration (CCR) for an enterprise value of US$775m. This deal marked a pivotal moment in Haier’s evolution, signalling its ambition to expand beyond its stronghold in home refrigeration and become a leading player in the global commercial refrigeration market.

Yet, the acquisition was far from straightforward. Haier faced a series of challenges that spanned both the pre-acquisition and post-acquisition phases.

Pre-acquisition complexity – CCR operated through ten separate legal entities across eight markets, including Asia, Europe, the Middle East and the United States. The company’s operations were intertwined with other Carrier subsidiaries, creating a complex shareholding structure.

From Haier’s perspective, funding the acquisition required precise and timely liquidity management. Capital had to be mobilised from Haier’s treasury headquarters in Qingdao, China, then routed through its in-house bank in Hong Kong, to its Singapore-based investment arm, and finally into a holding company in the Netherlands before purchasing CCR shares. The challenge was to execute this multi‑jurisdictional flow of funds efficiently while maintaining full visibility and control at each step.

Post-acquisition integration – once the deal closed, Haier faced the additional task of integrating CCR into its existing global treasury structure. CCR’s treasury operations were highly decentralised, with separate systems, multiple local banking relationships and differing cash management policies across markets. Haier needed to consolidate these fragmented operations rapidly, integrate treasury accounts, align cash management practices, and migrate CCR’s card programmes to Haier’s preferred global solution – all without disrupting daily operations or vendor relationships.