For years, American workers have worried about losing their jobs to low-cost workers in China. Now a new trend is emerging that could be nearly as big: Wealthy Chinese companies are coming to the U.S. looking to swallow American companies whole.
Maytag Corp., the maker of such quintessentially American products as Maytag refrigerators, Amana microwaves and Hoover vacuum cleaners, disclosed Monday night a $1.28 billion takeover bid from a group led by Haier America Trading, a unit of China’s Haier Group.
If Haier is successful in outbidding an investor group led by New York-based Ripplewood Holdings, the company that is the bedrock of Newton, Iowa, likely would see much of its production move to China.
I don’t need my degree in Econ to tell me that this is a bad sign.