china’s haier buying ge appliance unit for $5.4b - home appliance manufacturer

by:Yovog     2019-08-22
china’s haier buying ge appliance unit for $5.4b  -  home appliance manufacturer
China home appliance group has reached an acquisition agreement with General Electric.
$5 home appliance business4 billion.
Haier announced the acquisition in a statement on Friday.
The largest home appliance manufacturer in the world
Try to turn yourself into a high-end brand.
Jeff Immelt, GE's chairman and chief executive, said Haier was "committed to expanding its business globally.
"GE's performance is good and potential buyers are very interested in it, which helps to drive a deal that will benefit our investors, customers and employees," he added . ".
"Haier has a clear focus on development in the United States. S.
Build their manufacturing business here and invest further in it.
"GE is shifting its focus from traditional businesses such as higher application areas --
Medical equipment, clean energy and other technical fields.
The two companies also agreed to establish strategic partnerships in areas such as the Internet, healthcare and advanced manufacturing.
The sale was regulated and reversed, they said.
Trust approval of relevant countries.
GE's headquarters will still be in the city of Wisconsin, Kentucky.
A statement from the company said.
GE reportedly sells for $5.
Revenue in 2014 was 9 billion, with 12,000 employees, 96% of whom were in the United States.
Zhang Ruimin, chairman and CEO of Haier Group, said the two companies share the same vision, adding that Haier is "committed to investing in the United States"S.
"The deal underlines Haier's determination to commit to creating a global innovation platform that will benefit Haier and GE Appliances and provide higher value to all stakeholders," he said . ".
This is the third purchase of billions of dollars.
Chinese buyers will make dollar overseas acquisitions this week.
Wanda Group said on Tuesday it would buy Hollywood's Legendary Entertainment for $3. 5 billion.
The day before, a state
The state-owned chemical company announced the acquisition of a German manufacturer for $1 billion.
Chinese companies are aggressively buying overseas, seeking technology and brands to boost their competitive position at home and accelerate their global expansion.
The two companies said GE would move more into the growing Chinese consumer market.
Buy 48 pieces including GE appliances.
Mabe, a Mexican appliance company that owns a 4% stake in the company, has a 28-year joint venture with the company.
GEannounced earlier planned to sell the home appliance business to Electrolux in Sweden for $3. 3 billion.
In December, against the US anti-American movement, they canceled the plan.
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