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GE wraps up sale of Appliances business to Haier

June 9, 2016 • World News

GE has completed the sale of its Appliances business to Chinese multinational consumer electronics and home appliances company Qingdao Haier for $5.6 billion.

Image: http://twitter.com/generalelectric

Image: http://twitter.com/generalelectric

According to GE, the sale price includes an approximate $200 million increase from the originally announced sale price to account for increased working capital in the business.

“The sale of GE Appliances is another step in the company’s portfolio transformation and its mission to become the world’s leading Digital Industry company,” said GE Chairman and CEO Jeff Immelt.

“By successfully acquiring Alstom’s power and grid assets, splitting off Synchrony Financial and by continuing to execute the GE Capital exit strategy ahead of plan, the team is making GE a simpler, more competitive company.”

GE said the sale will generate an after-tax gain of approximately $0.20 per share, adding that it expects gains to be offset by restructuring for the year.

Goldman Sachs provided financial advice to GE, while Sidley Austin LLP acted as GE’s legal advisor.

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