New York private equity firm Kohlberg Kravis Roberts & Co. LP (NYSE: KKR) is picking up a 10 percent stake in Qingdao Haier (SH: 600690) for about $556 million.

Beijing-based Qingdao Haier is a home appliance company that makes white label refrigerators, air conditioners, mobile phones, computers, washing machines and televisions.  

The investment should help Qingdao Haier continue expanding internationally.

KKR recently picked up a stake in Panasonic Healthcare Co., in September. The firm also took over Mitchell International Inc., a provider of claims technology and software, in September.

KKR was founded in 1976 by Henry Kravis and George Roberts. The firm has 83.5 billion in assets under management.

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