-
Tips for becoming a good boxer - November 6, 2020
-
7 expert tips for making your hens night a memorable one - November 6, 2020
-
5 reasons to host your Christmas party on a cruise boat - November 6, 2020
-
What to do when you’re charged with a crime - November 6, 2020
-
Should you get one or multiple dogs? Here’s all you need to know - November 3, 2020
-
A Guide: How to Build Your Very Own Magic Mirror - February 14, 2019
-
Our Top Inspirational Baseball Stars - November 24, 2018
-
Five Tech Tools That Will Help You Turn Your Blog into a Business - November 24, 2018
-
How to Indulge on Vacation without Expanding Your Waist - November 9, 2018
-
5 Strategies for Businesses to Appeal to Today’s Increasingly Mobile-Crazed Customers - November 9, 2018
China’s Haier buying GE appliance unit for $5.4 billion
The companies also announced a long-term strategic partnership that will see them cooperate in areas such as industrial internet, healthcare and advance manufacturing.
Advertisement
Haier, headquartered in the eastern Chinese city of Qingdao, is the world’s biggest appliance maker, with 2014 revenue of $32.6 billion. GE is shifting emphasis from traditional businesses such as appliances, in which it has been a prominent presence for more than a century, to higher-technology areas such as medical equipment and clean energy. Ltd., a publicly traded entity of which Haier owns 41 percent.
In 2008, Haier reportedly held talks with GE to buy the USA firm’s appliance unit, but no deal was reached at the time.
In July past year, the U.S. Justice Department filed a lawsuit to stop the GE-Electrolux deal, claiming that it would shoot up the price of appliances by 5 percent, Reuters reported. The company employs about 12,000 workers globally, 96 percent of whom are based in the United States.
The group’s Qingdao Haier Co. signed an agreement with GE, according to a statement.
Haier will to continue use of the GE Appliances brand and Louisville will remain the headquarters for the business. Both companies will also work together to develop and grow affordable consumer health initiatives in China, according to the statement.
GE had previously agreed to sell the business to Sweden’s Electrolux, but the deal was abandoned after regulators raised antitrust concerns. Electrolux and regulators tried to resolve the dispute, but GE officials anxious that the litigation could drag out for months.
Advertisement
This story will be updated.