In June 2016, General Electric sold its century-old appliances business to Chinese manufacturer Quingdao Haier Co. Ltd. for $5.4 billion. GE Appliance’s headquarters will remain in Louisville, KY, and the agreement calls for the business to continue to market the current portfolio of GE brands for at least 40 years.
“The sale of GE Appliances is another step in the company’s portfolio transformation and its mission to become the world’s leading digital-industrial company,” said GE Chairman and CEO Jeff Immelt in a news release.