GE sells unit to Haier

NEW YORK: General Electric (GE) will sell its appliances business to China’s Haier Group for $5.4 billion, it said on Friday, in one of the largest Chinese acquisitions of an American firm yet. The transaction epitomises the changing nature of global economy, with a 100-year-old US firm selling what was once one of its core units to a Chinese upstart that emerged from a refrigerator factory that was nearly bankrupt 30 years ago. Haier is seeking to establish itself as a global brand.