Executive Briefings

GE Plans to Sell Its Appliances Business to China's Haier

GE, which has a long-term strategic partnership to explore cooperation in the areas of industrial internet, healthcare and advanced manufacturing with Qingdao Haier Co., has agreed to sell its Appliances business to the Chinese company for $5.4bn.

"We are pleased to be selling our Appliances business to Haier, which is committed to growing the business globally," said GE Chairman and CEO Jeff Immelt. "Haier has a good track record of acquisitions and of managing brands. Haier has a stated focus to grow in the U.S., build their manufacturing presence here, and to invest further in the business. Innovation, new product introduction and brand management are fundamental to their overall strategy. GE Appliances provides Haier with great products, state-of-the-art manufacturing facilities and a talented team. In addition, we see the opportunity to work together to build the GE brand in China."

GE will help Haier enhance the efficiency of its manufacturing plants, while Haier will help implement GE’s Predix platform. Both companies will work together on opportunities to develop and grow affordable consumer health initiatives in China.

Source: GE

"We are pleased to be selling our Appliances business to Haier, which is committed to growing the business globally," said GE Chairman and CEO Jeff Immelt. "Haier has a good track record of acquisitions and of managing brands. Haier has a stated focus to grow in the U.S., build their manufacturing presence here, and to invest further in the business. Innovation, new product introduction and brand management are fundamental to their overall strategy. GE Appliances provides Haier with great products, state-of-the-art manufacturing facilities and a talented team. In addition, we see the opportunity to work together to build the GE brand in China."

GE will help Haier enhance the efficiency of its manufacturing plants, while Haier will help implement GE’s Predix platform. Both companies will work together on opportunities to develop and grow affordable consumer health initiatives in China.

Source: GE