Chinese Qingdao Haier and American General Electric have officially signed the agreement regarding the sale of GE Appliances, with day-to-day operations still in the hands of the current management team.
Main office will remain
The management team will operate independently from GE Appliances' main office in Louisville, Kentucky. A board of representatives from Qingdao Haier and GE Appliances will also be formed, in addition to 2 independent directors, who have to help guide the company's business strategy.
"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", Qingdao Haier's chairman, Liang Haishan, 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", GE Appliances president and CEO, Chip Blankenship, added.