Haier already owns 20 percent of Fisher & Paykel, which also manufactures home appliances including washing machines and dishwashers.

The news announced Monday sent Fisher & Paykel shares up 33 percent to 1 New Zealand dollar (81 cents), placing the company's value at 724 million New Zealand dollars ($586 million).

Fisher & Paykel said in a statement that Haier plans to make a cash offer which would be at a premium to Fisher & Paykel's share price before the announcement. Haier has yet to make a formal offer.

Haier is one of the world's largest appliance manufacturers, employing 80,000 people and with annual revenues of more than $23 billion.

(Copyright 2012 by The Associated Press. All Rights Reserved.)