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GE to Sell Appliances Unit

Posted May 14, 08 6:17 PM CDT in Business 

(Newser) – General Electric plans to get out of the appliance business after more than 100 years, the Wall Street Journal reports. The company has asked Goldman Sachs to help auction its so-called "white goods" unit—washers, dryers, refrigerators, ranges, etc.—for up to $8 billion. The move follows weak first-quarter earnings and fits into CEO Jeffrey Immelt's plan to focus more on the company's technology holdings. 

Source Wall Street Journal

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General Electric Co. CEO Jeff Immelt, right, waits for the start of the company's annual shareholders meeting, Wednesday, April 23, 2008, in Erie, Pa.   (AP Photo/Tony Dejak)
General Electric Co. CEO Jeff Immelt smiles as he answers questions before the company's annual shareholders meeting, Wednesday, April 23, 2008, in Erie, Pa.   (AP Photo/Tony Dejak)
A GE washing machine is for sale in the appliances section of Howard's Appliance and Big-Screen Superstore in San Gabrie, Calif., Tuesday April 8, 2008.   (AP Photo/Kevork Djansezian)
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