GE Signs Agreement to Sell Appliances Business to Haier for $5.4B

GE announced today it has signed a definitive agreement to sell its Appliances business to Qingdao Haier Co., Ltd. ("Haier") for $5.4 billion. The transaction has been approved by the board of directors of GE and of Haier, and remains subject to customary closing conditions, including Haier shareholder approval, and regulatory approvals. The transaction is targeted to close in mid-2016. "We are pleased to be selling our Appliances business to Haier, which is committed to growing the business globally," said GE Chairman and CEO Jeff Immelt. "GE Appliances is performing well and there was significant interest from potential buyers, helping drive a good deal which will benefit our investors, customers and employees."