GE appliance business sold to Qingdao Haier for $5.4bn to create global strategic partnership

Century old GE is to sell  its Appliance business  to China’s Qingdao Haier for £3.78bn,  $5.4bn after their plan to sell it to Electrolux of Sweden failed because of opposition from antitrust regulators. This Chinese deal is the largest overseas acquisition in the consumer products sector. Haier currently number two home appliance manufacturer. GE will continue to market its current portfolio of GE brands for 40 years as the GE management team will continue to run the business. The deal will improve market share in China for GE brands, where the growing middle class and urbanisation have boosted demand for quality foreign goods  such as vacuum cleaners and bathroom appliances.