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 today 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.
GE Roper, which makes GE ovens and stoves in Lafayette, Ga., where more than 1,500 workers are employed, will be included in the sale.
The two companies also agreed to form a strategic partnership to cooperate in areas such as the Internet, healthcare, 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.