General Electric said it's putting on hold plans to sell or spin off its appliance division. Company spokeswoman Kim Freeman said GE executives "still feel the strategy is the correct strategy. It is just the wrong time."
For now, the division remains within GE. Jim Campbell, the current president and chief executive of the division, remains in his position, the statement said, and reports directly to company CEO Jeff Immelt.
"The challenging economic environment makes a spin or a sale now extremely difficult," the GE statement said. "Remaining part of GE and staying totally focused on operating the business effectively is the best move for the business as we prepare for what is shaping up to be another very tough year in 2009."
The company offered no indication of when it might pursue breaking off the division. A statement on the decision said GE would "aggressively align our business with the current market."
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