Chinese Invasion Of The American Kitchen!
General Electric Co. is near a deal to sell its appliance business to China’s Haier Group for more than $4 billion, according to people familiar with the matter, after GE’s previous effort to sell the unit for a lower amount was blocked by antitrust regulators.
The Chinese appliance maker outbid other foreign corporate bidders for the Louisville, Ky.-based business, according to one of the people. Two other people familiar with the matter said a deal could be announced as soon as Friday, although as with all deals, timing could slip.
GE has been running an auction for the century-old appliance business since it abandoned a $3.3 billion sale to Sweden’s Electrolux AB in December. The U.S. Justice Department had sued to block that transaction, saying the combination would hurt competition for cooktops and ranges.
Hmmm – GE would have sold to the Swedes for LESS, but our own government stepped in to block the deal, eventually driving GE into the arms of the Chinese to make a deal which will be bad for our workers and our deficits.
