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.
Read the whole story at CBS News »