Haier closes deal to buy GE Appliances
Chinese appliance giant Haier has signed the closing documents for its acquisition of the General Electric Company’s GE Appliances.
GE Appliances will continue to be headquartered in Louisville, Kentucky. A board of directors, made up of senior leaders at Haier and GE Appliances, as well as two independent directors, will help guide the strategy and operations of the business.
The acquisition will now enable Haier to accelerate its expansion and investment in the US.
Zhang Ruimin (pictured left), chairman and chief executive of Haier Group, said: “Haier and GE Appliances have always sought to adapt to changing times and customer preferences. We share the same vision of the future and, by acquiring GE Appliances, both companies will be able to achieve significant synergies. Haier is on an exciting journey as it transforms itself into a true ‘internet enterprise’, which fosters and cultivates innovation and customer choice. GE Appliances has great employees and a strong global customer base and I am confident that, together, we will be able to embrace the digital era and offer customers the best possible choice and service, now and in the future.”
“In the context of Haier’s overriding strategy to actively listen to customers as a way to understand them and best respond to their needs, we are convinced that the acquisition of GE appliances will accelerate the implementation of our mission, ‘Zero Distance with the Customer’,” said Haier Europe chief executive Yannick Fierling. “This translates into developing innovations that are of high-end quality, with utmost relevance and utility for the home user, not to mention introducing products with breakthrough designs. We are currently discussing the details of our cooperation in the European market and will be able to share more precise plans by the end of the year.”
President and chief executive of GE Appliances, Chip Blankenship (pictured right), added: “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.”
Haier has also appointed David Yearsley as market director for the UK and Ireland. He joins from Brita Water Filter Systems and brings over two decades of experience to the role.
Mr Yearsley said: “I am delighted to have been appointed to lead the company during this exciting time. The next phase of our journey is about accelerating Haier’s pace of growth, particularly by working closely with our channel partners and building our brand through a strategic marketing campaign with our retailers. I look forward to working with the dedicated team at Haier UK and Ireland to develop Haier as one of the leading brands in the region.”