No, a Chinese company does not own the entirety of General Electric (GE). While a significant part of GE's business was acquired by a Chinese company, General Electric as a whole remains an independent, publicly traded American multinational conglomerate.
General Electric Ownership Clarified
A common misconception suggests that General Electric was completely purchased by a Chinese entity. However, this claim is only partially true and requires clarification on the scope of the acquisition.
The Acquisition of GE Appliances
In 2016, Haier, a multinational home appliance and consumer electronics company based in Qingdao, China, purchased GE Appliances from General Electric for $5.4 billion. This acquisition was a major transaction in the appliance industry and marked Haier's expansion into the North American market.
Key details of the acquisition:
- Acquirer: Haier (Chinese company)
- Acquired: GE Appliances (a business unit of General Electric)
- Year of Acquisition: 2016
- Value: $5.4 billion
It is crucial to understand that GE Appliances was only one division of General Electric. At the time of the sale, General Electric was a vast conglomerate with diverse interests spanning multiple industries, including:
- Aviation: GE Aerospace (formerly GE Aviation)
- Power: GE Vernova (power generation, renewable energy)
- Healthcare: GE HealthCare
- Financial Services: GE Capital (which has largely been divested)
Therefore, while Haier acquired the household appliance segment of GE, it did not gain ownership or control over the remaining core businesses or the overall General Electric company. General Electric continues to operate globally with its primary headquarters in the United States.
For further information on the acquisition of GE Appliances by Haier, you can refer to reports from reputable news sources:
