Harman announced a $3.3 billion merger of its stoves and other industrial products.
The deal will see Harman merge with General Electric, its largest industrial conglomerate.
The merged companies will be able to produce the best stoves on the market and will have the highest sales volume in the industry.
With the new stoves, Harman is hoping to bring in customers in the developing world who may be struggling to heat their homes.
Harman’s shares rose by nearly 13% after the announcement, while General Electric shares climbed by nearly 12%.
The merger will be subject to approval by regulators and the company’s shareholders, according to Reuters.
Shares of Harman are up about 2% in the past year.
GM also announced a similar deal with rival appliance maker Philips last week.
Shares of GE and Philips have been rising steadily since the merger was announced.
As part of the deal, Philips will buy out Harman and its assets.
While the Harman merger is expected to be announced by the end of the year, it’s not expected to close anytime soon.
GM is expected close the deal in the fourth quarter of 2021.