GE To Sell Appliances Business To Qingdao Haier For $5.4 Billion

Jan 14 (Reuters) - General Electric Co said on Friday it has agreed to sell its appliances business to Qingdao Haier Co Ltd for $5.4 billion.The deal, which will generate an after-tax gain of about 20 cents per share upon closing, values GE's appliances business at 10 times its earnings before interest, taxes, depreciation, and amortization in the last 12 months, the company said.GE expects to offset the gain with restructuring in 2016.Haier will to continue use of the GE Appliances brand and Louisville will remain the headquarters for the business.Also On HuffPost: -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
Click here to read full news..