By Keri Algar

SYDNEY, NSW: Fisher & Paykel has today announced it will extend its arrangement with Haier for the supply of technology and components, predominantly motors.  

According to a statement on the Australian Securities Exchange where the New Zealand company is also listed, the agreement is for an initial period of three years with provision for further renewals for up to seven years.

The supply of components is set to commence 2012, with an approximate initial investment of NZ$25 million required. Fisher & Paykel estimates the arrangement will provide returns of between NZ$20 million to NZ$35 million.

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The contract remains subject to receiving shareholder approval.