General Electric named South Korea's LG Electronics as a contender to buy its appliance business, which is valued at US$4-$8 billion, along with China's Haier Electronics Group Co Ltd, Mexico's Controladora Mabe, and Turkey's Arcelik.

"The players have become somewhat obvious," GE Chief Executive Jeff Immelt said. "It is Haier in China, it is LG in Korea, it's Mabe in Mexico, it's Arcelik in Turkey."
 

"Whether LG or Haier or Electrolux or others participate remains to be seen," he added."The appliance process is still very early on, and much still has to be decided."

Immelt said GE could close a sale of the unit by 2009.