The Major US Kitchen Appliance Brand That's Owned By A Chinese Company
The purchase took place in 2016, when Qingdao Haier put together the $5.4 billion deal behind it. If the Haier name sounds familiar, that's because the company also sells appliances under its own brand, though experts and home cooks alike say the brand might be the most unreliable one yet.
At the time, the announcement of the deal specifically noted GE Appliances would continue to be based in the U.S., maintaining its Louisville, Kentucky, headquarters. Nine years later, the division is still headquartered there, proving that not everything has to change when new owners take over.
Read more: How To Cook Perfect Steak 13 Different Ways
There's no doubt GE Appliances' overseas ownership is somewhat unexpected and surprising for many people. After all, the brand has been part of American homes since the 1890s, when it came into being through the merger of several companies owned by iconic American inventor Thomas Edison and others. GE has produced a wide variety of items over that time, including a number of kitchen appliances such as electric can openers and carving knives that kids today may have never even seen.
Founded in 1984, Haier is far younger. However, the company has grown, accumulating more than $55 billion in annual revenue through ownership of appliance brands such as Casarte, Leader, Fisher & Paykel, and many more worldwide. Still, the GE deal was the largest acquisition of an overseas electronics business in China's history.
Regardless of who owns GE Appliances or where they're based, those looking to upgrade their kitchen should shop with caution. The company has just a 1.2 out of 5 stars on Trustpilot, with GE fridges earning only 1.1 out of 5 on ConsumerAffairs. Even though kitchen trends come and go, it's vital to make the best decisions about your appliances. In this case, that includes understanding the full picture of who owns GE Appliances, regardless of the company's American roots.
Read the original article on Mashed.
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