FAIRFIELD, Conn.—June 6, 2016—GE announced today it has completed the sale of GE Appliances to Qingdao Haier Co., Ltd. (“Haier”) for $5.6 billion, which includes an approximate $200 million increase from the originally announced sale price to account for increased working capital in the business.
“The sale of GE Appliances is another step in the company’s portfolio transformation and its mission to become the world’s leading Digital Industry company,” said GE Chairman and CEO Jeff Immelt. “By successfully acquiring Alstom’s power and grid assets, splitting off Synchrony Financial and by continuing to execute the GE Capital exit strategy ahead of plan, the team is making GE a simpler, more competitive company.”
The sale will generate an after-tax gain of approximately $0.20 per share. For the year, we expect gains to be offset by restructuring.
Goldman Sachs provided financial advice to GE, and Sidley Austin LLP was GE’s legal advisor.
GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com
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Jennifer Erickson, 646-682-5620
Matt Cribbins, 203.373.2424