GE sells appliance business to China's Haier for $5.4 bn

US industrial giant General Electric will sell its appliances business to China's Haier Group for $5.4 billion, it said Friday, in one of the largest Chinese acquisitions of an American firm yet. Haier is seeking to establish itself as a global brand, while China is looking to re-balance its economy more towards consumption and away from the infrastructure and investment-driven model of the past. The Chinese firm was "committed to growing the business globally", GE chairman and CEO Jeff Immelt said in a statement, calling the agreement "a good deal which will benefit our investors, customers and employees".

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