Haier, one of the world's largest home appliance makers, announced in early September that it will set up a joint venture in Poland with Fagor, a European leader in the same industry. The new firm will build a factory in Southwest Poland's Wroclaw to produce refrigerators.

The total investment is 56 million euros ($75.72 million), with Haier holding a 51 percent stake and Fagor owning 49 percent. Covering an area of 70,000 square meters, the new factory will start operations in June 2014 with a designed annual production capacity of 500,000.