China's Haier buys GE's appliance unit for $5.4 billion

[Ichingcarpenter]

Source: CNN

Haier is best known as a manufacturer of household goods including washing machines, refrigerators and microwaves. In recent years, it has sought to expand into new international markets, including the U.S.

The sale, which is the third largest acquisition of a U.S. company by Chinese investors, has been approved by the boards of both firms, GE (GE) said.
Haier said GE's appliance division will remain headquartered in Louisville, Kentucky.

Feng Zhang, a consumer appliances analyst at Euromonitor, said the business is attractive because of its strong position in the U.S., a market that accounts for more than 10% of major appliance sales worldwide.
GE's well established brand is also "an invaluable asset," Zhang said.

Read more: http://money.cnn.com/2016/01/15/investing/ge-haier-appliances-sale/index.html

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Just Two days ago GE did this

General Electric on Wednesday announced it will move its headquarters to Boston, making the iconic industrial giant the biggest company ever to relocate to the city and cementing the region’s reputation as a magnet for innovation.

The decision by GE to move its headquarters — and deliver about 800 jobs — from suburban Connecticut to the Seaport District follows a feverish campaign by Massachusetts officials, who beat out New York, Providence, and several other cities.

City and state officials are offering what could be one of the richest incentive deals in the state’s history — together valued at as much as $145 million — to lure the company here.

https://www.bostonglobe.com/business/2016/01/13/general-electric-will-announce-tomorrow-that-has-selected-boston-for-global-headquarters-according-official-familiar-with-process/ZYZSu7GorfVTRXM2ZIaabJ/story.html

Something is going on

[Human101948]

1. Yes, MA is buying 800 jobs for almost $2 million each...

It will probably take 50 years for this pay off for MA. Meanwhile, ten years hence GE will move to Beijing.

[MADem]

3. I think the deal is for twenty or twenty five years...? nt

[winterwar]

26. Good point

I bet you're right

[MADem]

2. China is taking over the appliance market.

They might as well--they reverse engineer everything and then sell it for less.

GE is going high tech.

It's like how Japan took over a massive chunk of the auto industry way back when, doing the very same thing, and then Korea stole a chunk from them, reverse-engineering THEIR shit, too. They did the same thing with TVs, too. Microwave ovens, VCRs, DVD players, etc. Manufacturing moves to the NICs, and when the NICs become established, new NICs pop up to challenge them.

I have a HAIER mini-dishwasher that has taken a licking and keeps on ticking. The "dryer" part of the thing never worked right, but since I am cheap and prefer to air dry dishes, that was fine with me. It took me forever to get it so that it works efficiently (I had to put it on a rolling pallet as the wheels that "came with" sucked) but once I worked out the kinks I have to say I like the thing. It cleans the dishes righteously. It's perfect for apartments or old, old houses where built-ins don't work in antique kitchens.

[Human101948]

4. The dryer doesn't work and the wheels came off...that's a quality appliance!

Typical Chinese crap. Maybe we'll get lucky and they'll improve their manufacturing like the Japanes did. But I won't hold my breath because they always seem to take the quick buck (renimbi?) and leave the consumer hanging with defective products, poisoned food and phoney drugs.

[MADem]

5. But the washer part--that will last forever!!!!!

This was one of their early attempts, well before they became established in the market. I got it from one of these squirrelly brokers in New York. The parts that work, work well--and there's simplicity in the thing so it is easily repaired. That said, It has been washing dishes for a decade and a half with no issues, so I think I've gotten my money's worth out of it!

[Human101948]

6. As long as you're happy...

I don't know that it would get such high ratings from Consumer Reports.

[MADem]

9. It has a steel tub, and it works so well I bought (more recently)

one of their mini washing machines for a little shack I have. It also has a steel tub, and is simple as well. The washing machine is a thing of beauty. It takes up about as much space as a generous kitchen chair, and it spins the clothes almost dry--you hang 'em outside and they're dry in an hour with a nice breeze.

They've got that end of the market sewn up. They do it well, so let them. We don't need an illiterate population doing mindless work--we're touting education and STEM, let's keep going in that direction--we don't need to stick to an assembly line paradigm in the 21st century.

[winterwar]

27. They might as well?

Do you realize the extent of slave labor used in China? And how about the manufacturers in China having a total disregard for the environment? Toxic toys, poisonous pet food, cheap home goods. That's all they make. I won't buy a single thing made in China unless there is no other option. It takes some research, and costs a little more. But I will not support any Chinese business or manufacturers.

[MADem]

30. Well, buy from Korea, then--but don't look for American manufacture of that kind of stuff.

Save the luxury, high end, designer products that are architectural affects and cost a bundle.

We're just not in that game anymore. The Newly Industrialized Countries are having their crack at that stuff that we used to do. Before too long, when those guys get educated and aren't willing to stand for ten hours a day doing mindless shit, the robots will take over there, too.

Times CHANGE. Countries that are full of illiterate people who are willing to stand on their feet and turn a wrench all day WILL do that dullard manufacturing work. If we produce any industrial products on those lines, it'll be ROBOTS--not people--turning the wrenches.

Yelling at me about poisoned pet food (look for the Made In USA label, that's what I do) isn't going to change this. That shit ain't coming home again. Time for new paradigms.

No shooting the messenger.

[winterwar]

31. I don't know where to start

I never thought I'd be in Democratic Underground aruging the social, economic, and moral benefits of American labor making our goods at home as opposed to slave labor in China.
As far as robots in the future, that has nothing to do with right now. If humans are needed to make products, I prefer them to me made in the USA. Not in a Chinese factory that makes people work 7 days a week. Many are forced to pay rent to live in the factory. There are countless articles about the human rights violations in Chinese manufacturing. Are you saying you don't know about that, or that your don't care?

China is a polluted mess.
The US has some ability to regulate pollutants caused by manufacturing. You support environmental regulations in American industries don't you? Businesses manufacture in China to avoid adhering to US regulations.

We have plenty of people here that would love to do the "dullard" (as you so eloquently put it) work of these lost manufacturing jobs. Many are undereducated, but a lot of people rise from poverty by joining the middle class through these jobs.

I will stick with my "luxury, high end, designer" products though. My $18 cast iron skillet from Tennessee, my $5 aluminum baking sheet from Wisconsin, and my $16 chefs knife from Iowa.

You keep sending your money to China to help those illiterate "dullards" keep a job before the robots of the future come and make human labor useless. Then they can jump off the factory rooftop and kill themselves. If only the factory owners didn't install suicide prevention to prevent that type of thing.

I'll spend my money promoting Democratic values in my purchases. American labor. Period.

[Frustratedlady]

7. I have a rule never to buy a GE appliance. I swear, they are programmed to blow

just after the warranty runs out.

As for the company, itself, if GE moves into your city, be prepared to be threatened with leaving if you don't go along with their demands...mostly, wage concessions and tax benefits. We just suffered through the latest fiasco and not long after the agreement was announced, it was revealed that GE hadn't paid any federal taxes. That has happened year after year, as I recall.

Haier can't be any worse.

[SamKnause]

16. Hi.

It is so very strange how we all have such different experiences.

I have a 46 inch tv that is 18 years old.

I have a 32 inch tv that is 18 years old.

I had a microwave that made it 17 years.

All 3 were bought at the same time and they were all GE.

Though I have zero complaints about their products, I have since educated myself on

the GE corporation.

I would not purchase their products today.

Have a great evening and a safe and happy weekend.

[Frustratedlady]

17. Back in "those" days, I also bought GE and they worked fine.

Not so much with the newer items. In fact, I was ill and my son-in-law ran out to get me a mini refrigerator and microwave so I wouldn't have to manage the steps to go to the kitchen when no one was around to help. It blew one week after the warranty.

I didn't have the heart to tell him I never buy GE. It just happened to be the one he chose. Right on schedule for it to blow.

I agree about the corporation. Bad news.

[SamKnause]

19. That's funny.

My mother bought me a GE microwave exactly like the one I had.

I didn't have to look at the instruction booklet.

The panel was the same.

There is a slight difference with the the glass turntable. (I guess that is what they are called)

I liked the old turntable better.

He had heavy thick glass.

The new one has small thin glass.

I wonder if it will last 17 years ???

[shanti]

25. ge microwave

i have one from 2003. it ran great until about 2 years ago, when the turntable mechanism stopped turning. it's a built in, so i still have to use it until redoing the kitchen, which is hopefully, within the next 2 years. not sure i'd buy a ge now.

with that said, i made the decision several years ago to ONLY buy my appliances from costco. they deliver them free AND their warantee is ironclad.

[mahatmakanejeeves]

18. "I have a 46 inch tv that is 18 years old. ... they were all GE."

GE was building 46" TV sets in 1997 or 1998? What's the model number. I'll have to go to Google images to see what that looks like. Rear projection, right?

I have a 10" GE TV set in the kitchen. It is a good 30 years old. It was built in Hampton Roads, Virginia. The alignment and colors need some adjustment. I mean by that that I have to open the set and make the necessary adjustments on a circuit board mounted on the neck of the picture tube. I used to do this to sets all the time, but it's been a while since I've had to do this job.

[SamKnause]

21. It is too big of a hassle to get the model number.

Sorry.

I can describe it to you.

Correct, rear projection.

Stereo; 2 speakers. You can adjust the sound.

It is a big rectangular box.

It has 3 colored lenses. ( I used to work where they made the lenses)

The top lifts up so you can clean the screen or make repairs.

The bottom third of the box is where the speakers are located.

It has been a hell of a tv.

Still have the original remote as well.

If you find a picture will you please post it ???

[mahatmakanejeeves]

23. It's probably this one or one close to it.

GE 46GW 947 - 46" rear projection TV

[SamKnause]

24. That's it.

[SamKnause]

22. Now that I think about it,

the 46 inch may be only 14 or 15 years old.

[Feeling the Bern]

8. Haier products suck. So few Chinese people buy them.

They love Korean brands there.

[winterwar]

28. Yes they are terrible

I'll never buy that garbage

[Danascot]

10. Most GE appliances have been made in China for years

so the acquisition makes sense for them. My old timer appliance repair guy thinks they're all crap though he'll grumblingly admit Samsung (Korean) aren't too bad for the most part.

[liberal N proud]

11. Whirlpool and Kenmore still have US made appliances

We recently had to replace our Washing Machine and did some research to make sure we were getting a US manufactured appliance.

[Javaman]

12. another one bites the dust. nt

[sharp_stick]

13. Haier is crap

Never has a company produced so much cheap shit.

[Beakybird]

14. What about appliance spyware?

The Chinese government is insidious, and a state owned company is part of the government. If any of their appliances have internet connectivity, you can bet that it will have spyware built in so that they can cash in on your information. I would be concerned about U.S. government and military officials owning Chinese appliances with spyware, especially ones that are installed at an office or facility. The appliance could possibly burrow into the network and steal sensitive information.

[crim son]

15. I hate Haier.

Oh well. I don't buy GE either.

[CountAllVotes]

20. Great, just great ...

Not! Another one that has totally bit the dust.

Had to buy a new stove last year and I bought a Crosley stove. It is made in the USA/Canada I was told as a selling point.

It is far better than what I had, a Made in China piece of junk that failed me miserably.

Said Crosley stove cost a lot of $$$ however, like about $800 of them but came with a 10-year warranty on some parts.

So far so good one year later.

[winterwar]

29. Frigidaire is my favorite

My fridge, oven, dishwasher, and stand alone freezer are all made in the USA. And I am a very happy customer. I cook 3 plus meals a day, I eat out maybe 4 times a year. I also have no microwave. I am hard on my kitchen appliances, and they have never let me down. Everything in my kitchen is made in the USA. I have a list of all the companies if anybody is interested. Nothing that touches food in my house is made in China. They are not to be trusted.