China’s Haier Agrees To Buy GE Appliance Business For $5.4B

FAIRFIELD, CONN. -- More changes are in store for Fairfield-based General Electric Co. after company officials agreed to sell the GE appliance division for $5.4 billion to Chinese manufacturer Haier Group, which will continue to make the appliances under the GE name, the Wall Street Journal reports.

Amy Maciaszek

01/15/2016 1:00 p.m.

Jeffrey Immelt, GE’s chairman and chief executive officer, said Haier officials plan to grow their business in the United States while also growing the GE brand worldwide, the Wall Street Journal says. The deal comes after GE terminated its deal to sell the business for more than $3 billion to Electrolux amid antitrust concerns, the Wall Street Journal reports.

Also recently, GE announced plans to move its corporate headquarters from Fairfield to Boston.

Click here to read the Wall Street Journal article.

Click here to follow Daily Voice Westport and receive free news updates.