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Samsung sees no immediate impact from Haier's takeover of GE unit

All News 13:52 January 25, 2016

By Kang Yoon-seung

SEOUL, Jan. 25 (Yonhap) -- Samsung Electronics Co. said Monday that Chinese home appliance maker Haier Group's takeover of the household appliance business of U.S.-based General Electric will not have a great impact on its performance over the short term.

In mid-January, Haier said it will purchase GE's home appliance business for US$5.4 billion, with the takeover expected to be finalized around the first half of 2016. Haier, China's second-largest electronics manufacturer, reportedly said that it will maintain the GE brand, however.

"The immediate impact from (Haier's takeover) will likely be not so great," Seo Byung-sam, Samsung's vice president of the consumer electronics business, said in a launch ceremony for its air conditioners and refrigerators. "GE and Haier pursue different goals and our product lineups are different from theirs."

While it is important to keep track of the changing scope of competition, it is also crucial to make fundamental innovations that jump over such shifts, Seo added.

When asked if Samsung has any plans to push for mergers and acquisitions in the home appliances segment, Seo did not give details, but said that the company is open to "all possibilities."

On Monday, Samsung rolled out what it calls the industry's first breeze-free air conditioner that allows users to maintain a steady room temperature.

Samsung said the product, dubbed the Q9500, will appeal to users who wish to avoid direct contact with an air conditioner breeze.

The company also showcased new refrigerators that can control the temperature with a deviation of around 0.5 degrees Celsius, compared to the 1.5 degrees posted by existing models.


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