Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Haier Reconsiders Bid for GE Appliances
Oct 27, 2008
 Printable format
 Email this Article
 Search

Haier said it plans not to bid for General Electric Co's appliances unit until it sees clear signs of a U.S. market recovery, according to a Reuters report.

A bid for GE's appliances business, which the U.S. giant put on the block in May, could be Haier's last opportunity to buy a household U.S. brand, part of its ambitions to reach global consumers rather than just Chinese, the report said.

With sales of $7.2 billion last year, the unit is worth an estimated US$4 billion to $8 billion.

In May, GE's CEO Jeff Immelt named companies including Haier, South Korea's LG Electronics, and Turkey's Arcelik ARCLK.IS as possible bidders for the second-largest U.S. appliance maker after Whirlpool Corp. No formal bids have been announced yet, and the plans of the other possible bidders could not be immediately ascertained.

According to the Reuters report, a source who worked with Haier executives to evaluate the potential GE deal said the other concern for Haier is how to pay for it, as Haier would rather not borrow from commercial banks.

Haier Group is unlisted, but controls two listed arms -- Shanghai-listed Qingdao Haier Refrigerator Co. and Hong Kong-listed Haier Electronics Group Co.

The most likely option to finance a bid is to team up with private equity investors such as Bain Capital or Blackstone Group, the Reuters report said, although agreement on terms and conditions for a joint bid may be difficult in the short term. (Reuters)

Back to Daily News

 

Daily News

...........................................................

Sep 19, 2014: Builder confidence at highest level since Nov. 2005

Sep 19, 2014: Builders Show, Kitchen/Bath Show, and 3 other events converge for 2015 Design & Construction Week

Sep 19, 2014: GE Appliances supporting Susan G. Komen

Sep 18, 2014: AHRI at White House unveils $5 billion refrigerant R&D plan

Sep 18, 2014: Solar microinverter market could break $1 billion by 2018

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows