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Haier reportedly holding off on GE bid PDF Print E-mail
Written by HGO Staff   

SHANGHAI, China – China’s largest major appliance maker has decided to wait for economic recovery in the U.S. before making any bid for General Electric’s majap division, according to a weekend report from Reuters.

The news agency said Haier management, including chief executive Zhang Ruimin now believe GE’s higher-end appliances would be a tough sell in the U.S. market in the face of financial troubles and a domestic housing market nearing collapse.

GE announced its intention to sell, spin-off or form a joint venture for its US$7.2 billion white-goods business in May, with CEO Jeffrey Immelt later citing Haier, LG, GE’s Mexican partner Controladora Mabe, and Turkey's largest majap maker, Arcelik, as possible buyers.

In July, GE broadened the deal to include its entire consumer and industrial division, which includes majaps, lighting and electrical distribution equipment.

Reuters said Haier hired McKinsey & Co. in August to evaluate a GE deal, but chose to ignore the consultancy’s recommendation to pursue one.

No bids for the GE businesses have been announced.

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