Chinese buying spree accelerates with takeover of GE unit by Joe McDonald, The Associated Press Posted Jan 15, 2016 1:54 am MDT Last Updated Jan 15, 2016 at 11:20 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email In this March 20, 2014 photo, a sign with the Haier logo stands in front of the company’s headquarters in Qingdao in eastern China’s Shandong province. Haier Group, the world’s biggest home appliance maker, announced Friday, Jan. 15, 2016, that it is buying General Electric Co.’s appliance business for $5.4 billion to expand its U.S. and global presence. (Chinatopix via AP) CHINA OUT BEIJING, China – 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 also agreed to form a strategic partnership to co-operate 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.On Tuesday, conglomerate Wanda Group said it was buying Hollywood’s Legendary Entertainment for $3.5 billion. The previous day, a state-owned chemical company announced the purchase of a German manufacturer for $1 billion.Chinese companies are on a buying spree abroad, looking for technology and brands to improve their competitive position at home and speed their global expansion.Chinese buyers have announced 23 outbound acquisitions so far this year, totalling $12.3 billion, up from $2.9 billion in the same period last year, according to Dealogic, a financial information provider.Haier, headquartered in the eastern Chinese city of Qingdao, makes a wide range of refrigerators, washing machines and other 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.Haier said the GE acquisition would be carried out by its unit Qingdao Haier Co. Ltd., a publicly traded entity of which Haier owns 41 per cent.GE Appliances, headquartered in Louisville, Kentucky, reported $5.9 billion in 2014 revenue. It has 12,000 employees, 96 per cent of them in the United States.The two companies said the deal will give GE Appliances more access to the growing Chinese consumer market. The purchase includes GE Appliances’ 48.4 per cent stake in Mabe, a Mexican appliance company with which it has operated a joint venture for 28 years.“This strategic alliance provides a new starting point for both Haier and GE and I am confident that this partnership will deliver enhanced value to the stakeholders of both companies,” Haier Group chairman Zhang Ruimin said in a statement.Zhang is credited with building Haier out of a bankrupt refrigerator factory after he was assigned by the Qingdao city government to manage it in 1984.Haier’s takeover of GE Appliances is the second-biggest purchase in the household appliance sector on record, behind Panasonic Corp.’s 2008 purchase of 50 per cent of Sanyo Electric Co. for $7.1 billion, according to Dealogic. It said Haier’s six foreign acquisitions to date total $6.3 billion.“Haier has a stated focus to grow in the U.S., build their manufacturing presence here and to invest further in the business,” GE chief executive Jeff Immelt said in the joint statement. “In addition, we see the opportunity to work together to build the GE brand in China.”GE, headquartered in Fairfield, Connecticut, announced plans earlier to sell the appliance business to Sweden’s Electrolux for $3.3 billion. They called that off in December after opposition from American anti-trust regulators.
Tag Archive: Keshawn
Six months after purchasing seven I-Site long range laser scanners from Maptek, surveyors from Teck’s coal business unit are beginning to experience the benefits of the latest survey technology first-hand. The company purchased a Maptek I-Site 8800 scanner for each of their coal operations and projects throughout Alberta and British Columbia, Canada.‘Our vision was that we wanted something that was standard across all of our sites so we could move things across without introducing new systems,’ said Eric Jensen, Director of Engineering, Teck’s coal business unit.I-Site 8800 laser scanners collect point cloud data at up to 2,000 m, and can capture 3D digital images safely at the same time as scanning. Setup and capture are fast and easy because the high resolution digital camera is built in. I-Site Studio modelling software is integrated with the hardware, streamlining tasks such as mapping faces and updating surfaces.The I-Site laser scanners were rolled out at several Teck sites in January and February this year, with improvements already noted. Surveyors can now capture up to 2 million points for an area that may have been previously surveyed with 10 GPS points.‘We are loving it for the accuracy and speed of stockpile modelling,’ said Jensen. ‘The unit is robust enough to withstand what is going on in the pit and simple enough for the guys to adjust. It also translates really well to the surveyors in the offices.’‘I-Site is a safe way to get detailed pictures,’ he said. ‘At Teck, safety is more than just a priority. It is an unwavering value and an inherent part of who we are. Now, with I-Site, no one has to go near the highwall.’According to Jensen, although cost savings cannot be determined this soon, the ‘payback’ is on the time spent and the accurate data the system provides. ‘It has been such a change to the workflow with increased accuracy and an acceptable level of improvement,’ said Jensen. ‘Uncertainty is eliminated because the volumes are accurate.’‘The systems work beautifully,’ said Simon Long, GIS Surveyor at Teck’s Elkview Operation. ‘Everyone here is happy with the entire service – it is phenomenal.’‘Seven site implementations was a real testament to Teck’s desire to introduce new technology and a good demonstration of cooperation between its sites,’ said John Dolan, Maptek Director of I-Site Sales. ‘This is a common goal for large companies, that is not easy to execute.’