Chinese buying spree accelerates with takeover of GE unit

BEIJING – Haier Group, the world’s biggest home appliance maker, is buying General Electric Co.’s appliance business for $5.4 billion to expand its U.S. and global presence.

The acquisition announced Friday comes as Haier tries to transform itself into a premium brand. GE is shifting emphasis from traditional businesses such as appliances, in which it has been a prominent presence for more than a century, to higher-technology areas such as medical equipment and clean energy.

The two companies agreed to form a strategic partnership to cooperate in areas such as the Internet, health care and advanced manufacturing. They said the sale is subject to regulatory and anti-trust approvals in relevant countries.

The purchase is the third in a string of multibillion-dollar foreign acquisitions this week by Chinese buyers.

Haier, headquartered in the Chinese city of Qingdao, makes a range of refrigerators, washing machines and home appliances. It reported 2014 revenue of $32.6 billion. It operates a string of 21 industrial parks worldwide.

Its purchase of GE Appliances is the biggest global corporate acquisition so far this year and the third-biggest in the United States by a Chinese buyer to date, according to Dealogic.