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General Electric （GE）—the American behemoth of refrigerators， washing machines and other home goods manufacturing—has agreed to sell its appliance unit to its Chinese counterpart Haier for $5.4 billion， according to an announcement by the two companies. The deal is the third largest acquisition of a U.S. company by Chinese investors.
Although unusual， the agreement“establishes a model for cross-border investment and cooperation between China and the United States，” according to Haier officials. The Qingdao-based company will have the right to use the GE brand for its appliances for the next 40 years. In addition， the two will partner worldwide to expand their reach in healthcare， advanced manufacturing and the industrial sectors.
“Haier is committed to investing in the United States. Furthermore， Haier and GE will explore opportunities for joint collaboration and， in doing so， establish a type of new alliance， with comprehensive strategic cooperation between two world-class enterprises， which reflects our common understanding of the opportunities brought by the Internet era，” Haier Chairman and CEO Zhang Ruimin said in a statement.
The sale also enables GE to focus on the industrial sector such as its manufacture of jet engines and power turbines. The deal also prevents the loss of some 6，000 jobs at GE’s plant in Louisville， Kentucky.
“Haier has a good track record of acquisitions and of managing brands，” GE Chairman and CEO Jeff Immelt said in a press release.“Haier has a stated focus to grow in the United States， build their manufacturing presence here， and to invest further in the business.”
In addition， Immelt said， GE sees the deal as an opportunity to “work together to build the GE brand in China.”
Haier also plans to invest $72 million to expand its refrigerator plant in Camden， South Carolina. The company has unsuccessfully courted other appliance manufacturers throughout the past 20 years， including a bid for Maytag in 2004. Haier holds a 1.1-percent market stake in the United States.
GE said the $5.4-billion deal values the appliance business at 10 times the past year in earnings before interest， taxes， depreciation and amortization. The deal includes the 48.4 percent stake that GE Appliances owns in Mabe， a Mexican appliances company.
“This is the chance of a lifetime for Haier to become big outside China and specifically in the United States， hence they are willing to pay this very high price tag，”Kepler Cheuvreux analyst Johan Eliason told Reuters.
Although unusual， the agreement“establishes a model for cross-border investment and cooperation between China and the United States，” according to Haier officials. The Qingdao-based company will have the right to use the GE brand for its appliances for the next 40 years. In addition， the two will partner worldwide to expand their reach in healthcare， advanced manufacturing and the industrial sectors.
“Haier is committed to investing in the United States. Furthermore， Haier and GE will explore opportunities for joint collaboration and， in doing so， establish a type of new alliance， with comprehensive strategic cooperation between two world-class enterprises， which reflects our common understanding of the opportunities brought by the Internet era，” Haier Chairman and CEO Zhang Ruimin said in a statement.
The sale also enables GE to focus on the industrial sector such as its manufacture of jet engines and power turbines. The deal also prevents the loss of some 6，000 jobs at GE’s plant in Louisville， Kentucky.
“Haier has a good track record of acquisitions and of managing brands，” GE Chairman and CEO Jeff Immelt said in a press release.“Haier has a stated focus to grow in the United States， build their manufacturing presence here， and to invest further in the business.”
In addition， Immelt said， GE sees the deal as an opportunity to “work together to build the GE brand in China.”
Haier also plans to invest $72 million to expand its refrigerator plant in Camden， South Carolina. The company has unsuccessfully courted other appliance manufacturers throughout the past 20 years， including a bid for Maytag in 2004. Haier holds a 1.1-percent market stake in the United States.
GE said the $5.4-billion deal values the appliance business at 10 times the past year in earnings before interest， taxes， depreciation and amortization. The deal includes the 48.4 percent stake that GE Appliances owns in Mabe， a Mexican appliances company.
“This is the chance of a lifetime for Haier to become big outside China and specifically in the United States， hence they are willing to pay this very high price tag，”Kepler Cheuvreux analyst Johan Eliason told Reuters.