In what would be the first large-scale acquisition of a major Japanese consumer appliance business by a Chinese company, Haier is all set to acquire Panasonic’s Sanyo brand washing machine and refrigerator business in Japan and Southeast Asia.

Sanyo Electric Co. Ltd. is a subsidiary of the Panasonic Group and is a global corporation manufacturing energy and environmental products for consumer and commercial use.

Panasonic Corporation has confirmed the acquisition. However, the terms of agreement have not been disclosed yet.

Haier, the Chinese rival of Panasonic, had long been trying to expand its business in Japan, but failed to woo finicky Japanese users. Hence, Haier’s intent in the present deal makes sense. However, it is a giant corporate in the rest of the world.

Panasonic, which manufactures Viera TVs and Lumix cameras, has announced that the deal for Haier Group is scheduled to be inked around March 2012.

Panasonic and Haier have reportedly signed a memorandum of understanding (MOU).

According to the memorandum, Panasonic will transfer its consumer and commercial use washing machine businesses, consumer use refrigerator business and its white goods sales divisions of four countries in Southeast Asia to Haier Group.

Panasonic said the agreement with Haier was part of a superior effort to restructure its operations.

Appreciating the deal, Haier’s Vice President, Du Jingguo, has said that it is an “important milestone for both companies”.