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GE is changing its tack with regards to divesting its Appliances business. The focus now is on spinning off the entire Consumer & Industrial business unit—not just the Appliances business— to existing GE shareholders. Consumer and Industrial includes appliances and lighting.
GE announced in May that it would look for ways of divesting its appliance business, which markets largely to markets in North America and has suffered with the U.S. economic downturn. While several possible buyers have been mentioned by Chairman and CEO Jeff Immelt, none of them are apparently moving fast enough.
“It became clear that the fastest, most efficient step we could take in completing the transformation of our Industrial portfolio would be to focus on a possible spin-off of the entire unit,” Immelt said yesterday. He said a spin-off makes sense for the Consumer & Industrial business as well. "They have integrated processes, distribution and backroom operations. Consumer & Industrial would benefit by keeping a world-class leadership team intact, its employees together, and would have the ability to control their own destiny. I am pleased that Jim Campbell and his team remain committed to this effort."
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