NEW HAVEN, Conn. (AP) - General Electric says the nation's
economic slowdown is prompting it to get out of the appliance
GE's Chairman and CEO Jeff Immelt says while GE Appliances "has
a very strong brand," it's primarily a U.S. business and that
means its "fortunes are tied to the rise and fall of a single
In a statement, the company says the decision to sell or spin
off GE Appliances is part of an ongoing plan to exit "slower
growth and more volatile businesses."
Analysts say the move is a recognition that nothing is
"untouchable at this point" including GE's lighting business and
even NBC Universal.
The 101-year-old appliance division is headquartered in
Louisville, Kentucky. Last year it had revenues of 7 billion
dollars. It employs about 13,000 people worldwide.
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