On September 8, Swedish appliance maker Electrolux announced that it would acquire General Electric (GE)'s appliance business unit for $3.3 billion in cash. Electrolux said that this move will increase the company's sales in the US market more than doubled.
On the one hand, GE is in urgent need of selling business, and on the other hand, Electrolux's desire for the North American market, the above transaction clearly allows both parties to take what they need.
Although as a global home appliance brand, Electrolux's market share in the US market, especially in North America, is not high. Analysts pointed out that Electrolux's acquisition of GE's home appliance business will challenge the global dominance of Whirlpool, a US home appliance company. However, the integration and technology upgrades brought about by mergers and acquisitions need to be solved step by step.
General Electric quit household appliances <br> <br> Currently, boards of both companies have approved the deal, but the transaction is subject to obtaining regulatory approvals, is expected to be completed next year a variety of transaction procedures.
In July this year, GE announced that it would sell home appliances business. At that time, some media listed Haier Group, Samsung Electronics, LG Electronics and Mexico ControladoraMab as potential bidders. Obviously, in this round of competition, Electrolux got the opportunity.
Under the asset trading agreement, Electrolux will be allowed to continue to use the "GE Appliances" brand in home appliances.
For this transaction, GE CEO and Chairman Jeff Immelt pointed out in a statement that GE's strategy is to become the world's best infrastructure and technology company, this asset transaction, in line with GE's strategy. Electrolux CEO said: "This transaction is a historic event for Electrolux, and its strategic fit and industry logic are attractive."
On the one hand, GE is in urgent need of selling business, and on the other hand, Electrolux's desire for the North American market, the above transaction clearly allows both parties to take what they need.
Although as a global home appliance brand, Electrolux's market share in the US market, especially in North America, is not high. Analysts pointed out that Electrolux's acquisition of GE's home appliance business will challenge the global dominance of Whirlpool, a US home appliance company. However, the integration and technology upgrades brought about by mergers and acquisitions need to be solved step by step.
General Electric quit household appliances <br> <br> Currently, boards of both companies have approved the deal, but the transaction is subject to obtaining regulatory approvals, is expected to be completed next year a variety of transaction procedures.
In July this year, GE announced that it would sell home appliances business. At that time, some media listed Haier Group, Samsung Electronics, LG Electronics and Mexico ControladoraMab as potential bidders. Obviously, in this round of competition, Electrolux got the opportunity.
Under the asset trading agreement, Electrolux will be allowed to continue to use the "GE Appliances" brand in home appliances.
For this transaction, GE CEO and Chairman Jeff Immelt pointed out in a statement that GE's strategy is to become the world's best infrastructure and technology company, this asset transaction, in line with GE's strategy. Electrolux CEO said: "This transaction is a historic event for Electrolux, and its strategic fit and industry logic are attractive."
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