General Electric Co. agreed to sell its home-appliances business to China’s Qingdao Haier Co. for $5.4 billion after pulling out of a deal with Electrolux AB last month.
The new pact’s premium over the $3.3 billion failed Electrolux agreement235 ATD, 12/8/15 was driven in part by GE’s investment in the century-old unit to make it more competition, said Chip Blankenship, chief executive officer of GE Appliances.
“We’ve been on a multiyear journey since 2012 to introduce new products, improve quality,” Blankenship said in an interview. “Our earnings are substantially improved.”
The quick turnaround from the Electrolux deal, which ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.