May 16, 2008
General Electric Spinning Off Appliance Business
“It's a recognition that there is not anything that is untouchable at this point.”
General Electric Co. said Friday that it plans to sell or spin off its iconic appliance business that for a century sold refrigerators, air conditioners and ovens for millions of homes.
The industrial conglomerate said in a statement the move is part of an ongoing plan to exit "slower growth and more volatile businesses."
GE's 101-year-old appliance business, headquartered in Louisville, Ky., has been hurt by the housing slump and economic slowdown in the U.S. The appliance division had revenues of $7 billion last year and employs about 13,000 people worldwide. Read more
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