Over in the US when it comes to appliances for the home, we might be familiar with brands such as Electrolux, Sony, Panasonic, Samsung, GE, Philips, and etc. Haier on the other hand is a brand that not many of you guys might have heard, although over in China and some parts of Asia, Haier is a pretty big household name.That being said, it looks like Haier will be establishing a firmer foothold in the US as GE has announced that they will be selling off their appliances division to Haier. The deal is said to be valued at $5.4 billion and is expected to officially conclude in the middle of 2016, pending regulatory approval.
Speaking of approval, this isn’t the first time GE has tried to sell off their appliances division. Last year they attempted to sell it off to Electrolux for much less at $3.3 billion, but apparently due to opposition from American antitrust regulators, that deal never came to pass. However given that Haier has a smaller presence in the American market, there is a good chance that regulators might have no problems giving this deal the greenlight.
According to GE Chairman and CEO Jeff Immelt, “We are pleased to be selling our Appliances business to Haier, which is committed to growing the business globally. GE Appliances is performing well and there was significant interest from potential buyers, helping drive a good deal which will benefit our investors, customers and employees.”