G.E. to sell appliance manufacturing division to Chinese owned Haier.

Ron Aldof Sat, 01/16/2016 - 00:49
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This will leave one major appliace manufaturer left that is USA owned. Whirlpool.

"General Electric Co. agreed to sell its home-appliances business to China’s Qingdao Haier Co. for $5.4 billion after scrapping a deal with Electrolux AB last month.

The new pact’s premium over the $3.3 billion failed Electrolux agreement was driven in part by GE’s investment in the century-old unit to make it more competitive, said Chip Blankenship, chief executive officer of GE Appliances.

“We’ve been on a multiyear journey since 2012 to introduce new products, improve quality,” Blankenship said in an interview. “Our earnings are substantially improved.”

“Haier had always fancied themselves the GE of China so now they get the real thing,” Steven Winoker, an analyst at Sanford C. Bernstein & Co., said in a note."

 

More: http://www.bloomberg.com/news/articles/2016-01-15/ge-to-sell-appliances-...

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