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General Electric to auction its appliances business
Independent, The (London), May 15, 2008
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*General Electric is putting its historic appliances business up for sale in an auction the US conglomerate hopes will net more than $7bn. After the electric light bulb, cookers, washing machines and fridges are among the products most closely associated with the General Electric name - and they have been since the company launched its first range cooker in 1907. But the business has fallen behind the rest of the group, and last month, poor sales of white goods in the US contributed to a profit warning that sent GE shares tumbling and put pressure on chief executive Jeff Immelt. It emerged last night that GE has hired Goldman Sachs to advise on a sale of the appliances division. The unit has annual sales of $7bn from almost 400 different products. Analysts said that bidding is expected to start at about $5bn, and an auction could send the price to between $7bn and $8bn.
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