GE to Sell Appliances Unit

Auction could fetch up to $8 billion
By John Johnson,  Newser Staff
Posted May 14, 2008 6:17 PM CDT
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)
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(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.