Haier Group, China is set to acquire the home appliance business of the American giant, General Electric (GE) at a whopping 4.5 billion dollars. Announcing the deal, Haier and GE say the two companies will cooperate world-wide to expand their reach in the manufacturing and industrial sectors. The deal will enable Haier, which is looking to put its products in homes around the world, to expand its operations globally and particularly in the United States, opening further the important US market for Haier Brand refrigerators, washing machines, air conditioners and other home appliance categories.
Zhang Ruimin, Chairman and CEO of Haier Group, commented: "This strategic alliance provides a new starting point for both Haier and GE and I am confident that this partnership will deliver enhanced value to the stakeholders of both companies. Further, we share common goals that we hope to achieve together through enhancing the value of the Haier and GE brands and developing our employees by encouraging autonomous innovation and cooperation." In his comments Jeff Immelt, CEO of GE said, "We are pleased to be selling our Appliances business to Haier and to launch this new partnership. Haier has a stated focus to grow in the United States, build their manufacturing presence here, and to invest further in the business".-PR