GE confirms it is selling off home appliance sector
20/05/2008
General Electrics (GE) has confirmed that it plans to sell off its home appliances division, following rumours last week.
The company said it was planning to exit "slower growth and more volatile businesses" and the move was part of a strategic review by the firm.
Jeff Immelt, the chairman and chief executive officer of the company, said: "GE Appliances has a very strong brand, great distribution, a talented leadership team."
He added that as the company remains primarily a US business it relies on one market, which GE does not feel is a good strategic solution.
Mr Immelt said: "We want to make this good business great again by finding the right strategic solution."
The company saw a drop in profits in the division last year, with the figures falling short of the ten per cent growth target.
Both Royal Philips Electronics and Indesit have been cited as potential buyers of the division, having recently stated they are looking to make an acquisition.
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