Excelsior Correspondent
JAMMU, Jan 28: Haier Group (Haier) and General Electric (GE) announced a Memorandum of Understan-ding (MoU) to cooperate globally and jointly pursue growth projects in focus areas where both companies can increase business competitiveness such as Industrial Internet, healthcare, and advanced manufacturing.
This strategic cooperation framework agreement brings together two highly complementary world-class enterprises and establishes a model for cross-border investment and cooperation between China and the United States.
In addition, Qingdao Haier Company Limited (Qingdao Haier) will acquire the GE Appliances Business (GE Appliances). The coming together of Qingdao Haier and GE Appliances will further enhance Qingdao Haier’s global competitiveness.
Zhang Ruimin, Chairman and CEO of Haier Group, said “This strategic alliance provides a new starting point for both Haier and GE and he is confident that this partnership will deliver enhanced value to the stakeholders of both companies. Further, we share common goals that we hope to achieve together enhancing the value of the Haier and GE brands and developing our employees by encouraging autonomous innovation and cooperation”.
Jeff Immelt, CEO of GE said “We are pleased to be selling our Appliances business to Haier and to launch this new partnership. Haier has a stated focus to grow in the US, build their manufacturing presence and to invest further in the business. Innovation, new product introduction, and brand management are fundamental to their overall strategy. GE Appliances provides Haier with great products, state-of-the-art manufacturing facilities, and a talented team. In addition, we see the opportunity to work together to build the GE brand in China”.
Liang Haishan, Chairman of Qingdao Haier Company Limited said “Qingdao Haier and GE Appliances are leading appliance businesses in the eastern and western hemispheres. The alliance of both parties will lead to a great deal of mutual benefit. Qingdao Haier and GE Appliances are highly complementary businesses, particularly in the areas of brand, market, product innovation, and supply chain and quality management. This coming together will further enhance both the Haier and GE brands”.
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