Haier has a stated focus to grow in the U.S., build their manufacturing
presence here, and to invest further in the business.
GE is shifting emphasis from traditional businesses such as appliances
to higher-technology areas such as medical equipment and clean energy.
The two companies also agreed to form a strategic partnership to
cooperate in areas such as the Internet, healthcare and advanced
manufacturing. They said the sale is subject to regulatory and
anti-trust approvals in relevant countries.
GE Appliances will remain headquartered in Louisville, Ky., a statement
from the firm said. GE Appliances reported $5.9 billion in 2014 revenue
and has 12,000 employees, 96% of them in the United States.
The purchase is the third in a string of multibillion-dollar foreign
acquisitions this week by Chinese buyers.
On Tuesday, conglomerate Wanda Group said it was buying Hollywood’s
Legendary Entertainment for 3.5 billion dollars. The previous day, a
state-owned chemical company announced the purchase of a German
manufacturer for 1 billion dollars.
Chinese companies are on a buying spree abroad, looking for technologies
and brands to improve their competitive position at home and speed their
The two companies said GE Appliances would gain more access to the
growing Chinese consumer market. The purchase includes GE Appliances’
48.4% stake in Mabe, a Mexican appliance company with which it has
operated a joint venture for 28 years.