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China’s Haier buys GE’s appliance unit for $5.4 billion General Electric has sold its appliance business to Haier for $5.4 billion, a deal that will greatly expand the Chinese firm’s footprint in the U.S.
The deal is the latest in a flurry of foreign purchases by Chinese firms.
So far in 2016, Chinese investors have spent $12.3 billion acquiring foreign companies, according to Dealogic, making it the fastest start to a year on record.
Earlier this week, GE announced it was moving its corporate headquarters from Connecticut to Boston, Massachusetts.
Read more… Likely GE Appliance mfg jobs heading to China? Ex. corp taxes chasing jobs overseas?
“… over time I’d expect them to use GE’s excellent distribution network in the U.S. to source in more of their own Chinese low-priced products which will change the dynamics to some extent,” said Eliason, who is based in Stockholm.
Per terms of the agreement, Haier will continue to use the GE Appliances brand and retain the headquarters in Louisville, KY and current management team, but for how long? Possibly until the executives can all sell their homes. READ MORE...
A year ago, GE announced it would cut about 100 jobs at its Jacintoport facility near Channelview. At the time, the facility employed 600 people. The affected jobs were related to aeroderivatives gas turbines, the final assembly of which was to move to Hungary and China. Other related job cuts announced at the time came from New York, South Carolina and Maine, with much of that work expected to move to France.
GE Oil & Gas, which is based in Italy but has its regional headquarters in Houston, also cut hundreds of jobs last year in Lufkin, about 120 miles north of downtown Houston.
Earlier this year, GE announced some jobs that would move to Houston. The company’s power conversion business will move its North American headquarters to Houston as it closes a facility in the Pittsburgh area. The move will shift about 70 roles from the Pittsburgh area to Houston.