Haier acquires GE Appliances

Zhang Ruimin (Left), chairman and CEO of Haier Group, shakes hands with Chip Blankenship (Right), president and CEO of GE Appliances. [PHOTO PROVIDED TO CHINA DAILY]

Haier Group, China's biggest maker of household appliances, has signed closing documents for the company's acquisition of General Electric (GE)'s home appliance business, according to an announcement made by the two sides.

The announcement said GE Appliances will continue to be headquartered in Louisville, Kentucky in the United States 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 Haier and GE Appliances, and two independent directors, will help guide the strategy and operations of the business.

Zhang Ruimin, chairman and CEO of Haier Group said, "Haier and GE Appliances have always sought to adapt to changing times and customer preferences. The two companies share the same vision of the future and, by acquiring GE Appliances, both companies will be able to achieve significant synergies.

"Haier is on an exciting journey as it transforms itself into a true 'internet enterprise', which fosters and cultivates innovation and customer choice, while GE Appliances has great employees and a strong global customer base."

Chip Blankenship, president and CEO of GE Appliances, 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. Together we will find new and better ways to help people improve their lives at home."

The announcement follows the previously announced memorandum of understanding between Haier Group and GE to cooperate globally and pursue joint growth projects in areas including advanced manufacturing, healthcare and the Industrial Internet.