Well that’s it all official and whatnot, Haier now owns General Electric’s appliance division, the contracts all signed, ink dry and another brand swallowed up by a bigger fish.
We’re not going to lament the passing of GE too much just yet as, we’ve no clue what Haier intends to do with it although we’d fully expect to see rebadged stuff coming on stream anytime.
Of course GE hasn’t been sold in Europe for some years so it doesn’t really affect us too much but, it’s still one less actual appliance manufacturer in an ever decreasing pool of manufacturers.
The full press release is as follows.
Qingdao Haier Co., Ltd. (SHA: 600690; “Qingdao Haier”), a Shanghai stock exchange listed company that is 41% owned by Haier Group (“Haier”) and General Electric Company (NYSE: GE; “GE”) today announced the signing of closing documents for Qingdao Haier’s acquisition of GE Appliances from General Electric. Today 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.
Mr. Zhang Ruimin, Chairman and CEO of Haier Group, said: “Haier and GE Appliances have always sought to adapt to changing times and customer preferences. We 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. GE Appliances has great employees and a strong global customer base and I am confident that, 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, said: “Today’s announcement is positive news for employees, customers, business partners and shareholders. 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. We have great respect for and trust in GE Appliances’ talented management team and we look forward to working closely together to create a truly global leader in the design and manufacture of innovative, high-quality home appliances.”
Mr. 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.”
Today’s 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 Industrial Internet.
