GE's Immelt: Appliance Deal Likely By Early 2009

by Rick Howlett on May 21, 2008

The Chairman and CEO of General Electric says he expects the company will sell or spin off its Louisville-based appliance division in early 2009, and possibly sooner.

Company head Jeff Immelt says a transaction would likely occur during the first quarter of next year, but it could move faster if market conditions are right.

“This is a preeminent brand, it’s a preeminent asset, it has the highest operating profit rate in the world. you’ve got a time when the dollar is weak and other  currencies are strong.     Most of the potential buyers are outside the United States, ” Immelt said.

He  spoke Wednesday at a company conference in Florida that was streamed on  GE’s website.

He says GE is looking carefully at the possibility of spinning off the appliance business into a separate shareholder entity.

About five thousand people work at the company’s Appliance Park in Louisville.

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