norgenocker
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"Appliance Division May Be Sold By G.E.": Headline in today's NYT Business Section. Is nothing sacred?
AGITATING NEWS
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Nothing Sacred at GE
Here is the sad news, below, in the excerpt from Forbes Magazine. GE gave thoughts to selling its appliance division three years ago. It looks as if they are serious now. Jeff Immelt, current CEO, is following in "neutron" Jack's (former CEO Jack Welch)tracks. Welch sold off the electronics division to Thomson in France and heating/AC to Trane.
Barry
NEW YORK -
After media reports indicated General Electric Co. plans to auction off its appliances business, analysts Thursday said the sale "may be just the beginning" of larger changes at GE.
The Wall Street Journal reported Wednesday that GE is preparing to auction off its appliances business, potentially bringing the conglomerate $5 billion to $8 billion. The appliances business is part of GE's industrial unit. The Fairfield, Conn., company sold its plastics business in 2007.
Lehman Brothers (nyse: LEH - news - people ) analyst Robert Cornell said GE may eventually sell its financial and consumer and industrial units. While those moves will keep profit growth in the single digits until 2010, he thinks they will ultimately extend its profit growth and increase the value of the stock.
Goldman Sachs (nyse: GS - news - people ) analyst Deane Dray noted that the appliances unit brings in about $7 billion in annual revenue, but said growth is slow. GE may sell its Japanese consumer finance business and its U.S. private label credit cards in the next quarter or two and could take on a new partner at the NBC-Universal entertainment business, Dray said.
Here is the sad news, below, in the excerpt from Forbes Magazine. GE gave thoughts to selling its appliance division three years ago. It looks as if they are serious now. Jeff Immelt, current CEO, is following in "neutron" Jack's (former CEO Jack Welch)tracks. Welch sold off the electronics division to Thomson in France and heating/AC to Trane.
Barry
NEW YORK -
After media reports indicated General Electric Co. plans to auction off its appliances business, analysts Thursday said the sale "may be just the beginning" of larger changes at GE.
The Wall Street Journal reported Wednesday that GE is preparing to auction off its appliances business, potentially bringing the conglomerate $5 billion to $8 billion. The appliances business is part of GE's industrial unit. The Fairfield, Conn., company sold its plastics business in 2007.
Lehman Brothers (nyse: LEH - news - people ) analyst Robert Cornell said GE may eventually sell its financial and consumer and industrial units. While those moves will keep profit growth in the single digits until 2010, he thinks they will ultimately extend its profit growth and increase the value of the stock.
Goldman Sachs (nyse: GS - news - people ) analyst Deane Dray noted that the appliances unit brings in about $7 billion in annual revenue, but said growth is slow. GE may sell its Japanese consumer finance business and its U.S. private label credit cards in the next quarter or two and could take on a new partner at the NBC-Universal entertainment business, Dray said.
No great loss, and I'm a GE man
As far as I'm concerned, GE sold out decades ago.
As far as I'm concerned, GE sold out decades ago.
laundryshark
Well-known member
Sad News Indeed
I'm sure every other business news segment on radio, TV, and newspaper has posted a story about this. All the more reason to appreciate those classic appliances and "antique" ads.--Laundry Shark
I'm sure every other business news segment on radio, TV, and newspaper has posted a story about this. All the more reason to appreciate those classic appliances and "antique" ads.--Laundry Shark
So many GE appliances are made in foreign countries that there probably would not be much change. Later in the day, analysts said selling the appliance line would not help the value of GE's stock that much. It sure is a huge chunk of industrial history to lose. If GE is no longer GE, only Whirlpool will remain from the big appliance manufacturers after WWII. Go to the Consumer Report and Consumer Bulletin archives and look at the vanished corporations.
Ministry of manufacturing
Gee, before BUSH-WORLD came along, weren't we all taught that America was not a place for monopolies?
Gee, before BUSH-WORLD came along, weren't we all taught that America was not a place for monopolies?
