Haier and General Electric Sign Final Agreement, Putting the Stamp on Haier’s Acquisition of GE Appliances

Haier and General Electric Sign Final Agreement, Putting the Stamp on Haier’s Acquisition of GE Appliances

Haier Group of China and General Electric Company today announced the signing of closing documents putting the final stamp on Haier’s acquisition of GE Appliances from General Electric. The signing marks the beginning of GE Appliances being part of Qingdao Haier.

As previously announced GE Appliances will continue to be headquartered in Louisville, Kentucky and operated independently under the day to day direction of the current management team.  A board of directors, with representatives from the senior leadership teams of Qingdao Haier and GE Appliances, and two independent directors, will help guide the strategy and operations of the business.

Speaking after the signing, Zhang Ruimin, Chairman and CEO of Haier Group said, “Haier and GE Appliances have always sought to adapt to changing times and customer preferences and as such, both companies share the same vision of the future. He emphasised that Haier’s acquisition of GE appliances will enable both companies to achieve significant synergies.

Describing Haier’s rise to a global leader as an exciting journey Zhang Ruimin said, Haier is on the path to transforms itself into a true ‘Internet enterprise’, which fosters and cultivates innovation and customer choice. “GE Appliances”, he said, “has great employees and a strong global customer base and, together we will be able to embrace the digital era and offer customers the best possible choice and service now and in the future”. 

Mr. Liang Haishan, Chairman of Qingdao Haier, the holding company of Haier Group said: “The announcement is positive news for employees, users, business partners and shareholders. He added that, “Investing and growing in the U.S. is a key part of Haier’s strategy and the acquisition of GE Appliances will help us accelerate that expansion”.

President and CEO of GE Appliances, Chip Blankenship said: “We are excited to become an important part of a global appliance company. Haier loves appliances as much as we do and, shares our goal to be the most competitive, innovative and customer-focused company in the world”. He went on to express the hope that Haier and GE together “will find new and better ways to help people improve their lives at home”.

Haier is the world’s leading home appliance provider, with global revenues amounting to US$ 30.3 billion and, the GE Appliances acquisition further strengthens its position as a global giant leading the world in engineering design and innovation.