Qingdao Haier Co., Ltd., a Shanghai stock exchange listed company that is 41% owned by Haier Group (Haier) and General Electric Company (GE) have announced the signing of closing documents for Qingdao Haier's acquisition of GE Appliances from General Electric. It marks the beginning of GE Appliances being part of Qingdao Haier.

As previously announced, GE Appliances will continue to be headquartered in Louisville, Kentucky and operated independently under the day to day direction of the current management team. A board of directors, with representatives from the senior leadership teams of Qingdao Haier and GE Appliances, and two independent directors, will help guide the strategy and operations of the business.

Zhang Ruimin, Chairman and CEO 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".                                                                                                 

(Continued on the next page)