Haier, the Chinese electrical appliances maker, has agreed to take a 20 per cent stake in Fisher & Paykel Appliances of New Zealand for between NZ$80m and NZ$82m (US$49m and US$51m), the two companies said on Wednesday.

Through the deal, Haier takes a cautious further step towards global expansion. The company, which has a history of growth by aggressive acquisitions in its home market, has not repeated that performance abroad.