GE may sell home appliance division
16/05/2008
General Electrics (GE) has announced that it may sell off part of its large-appliance division, which is responsible for fridges and washing machines.
The appliance firm has had the division for over 100 years but is reportedly looking into a sale, spin-off or joint venture, reports the Daily Mail.
GE says it is suffering from a lack of interest in the US market, in addition to rising steel and manufacturing costs.
The company saw a drop in profits in the division last year, falling short of the ten per cent growth target.
It may be of interest to Royal Philips Electronics, according to the newspaper, as the firm has been looking for acquisitions to its appliance section.
The company created $680 million (£538.9 million) earlier this year by selling its stake in an LCD display venture with LG.
Another firm which has recently stated it is interested in an acquisition is Indesit, which revealed it wants to make one by the end of the year.
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