Liang Haishan, Chairman of Qingdao Haier said: "This announcement is positive news for employees, users, business partners and shareholders. Investing and growing in the U.S. is a key part of Haier's strategy and the acquisition of GE Appliances will help us accelerate that expansion.

"We have great respect for and trust in GE Appliances' talented management team and we look forward to working closely together to create a truly global leader in the design and manufacture of innovative, high-quality home appliances".

President and CEO of GE Appliances, Chip Blankenship said: "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".

This announcement follows the previously announced Memorandum of Understanding between Haier Group and GE to cooperate globally and pursue joint growth projects in areas including advanced manufacturing, healthcare and Industrial Internet.
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