(UPI) Pittsburgh, PA
PITTSBURGH-
After much discussion AW.ORG, a consortium of washer aficionados has engaged the services of an unannounced private equity firm to purchase the entire appliance division of mega conglomerate, General Electric. Terms of deal were not disclosed.
The new company, to be named Automatic Appliances Inc will operate GE appliances as a division. Current product lineup will remain intact however plans are already underway to upgrade and improve the entire line.
GE's CEO was reported as saying "I'm delighted to have found a hard core group of appliance gurus dedicated to maintaining the GE brand. For over 100 years, we brought good things to life but our shareholders wanted more than good things. Like ROA, earnings per share, reduced manufacturing footprint, and "virtual" lines of business that generate massive returns with minimal investment. This divestiture of the appliance line is in no way a reflection on the hard work of our dedicated associates but rather a necessary step towards that goal.
Washman, the soon to be announced President and CEO remarked, "For a long time we've watched the industry consolidate and evolve into faceless, generic products that lack passion in design and execution. With our high powered team, we'll bring back that passion that represented what America was all about. Already, teams are in the formation process. We'll be a force to be reckoned with for years to come".
For the foreseeable future, all current manufacturing locations will operate without change. But Washman, CEO, hinted at some possible changes. "For too many years, companies have outsourced basic "guts" design like motors and compressors to 3rd party outfits. We're out to change that. We have a plant nearing completion that, I am proud to say, will manufacture all fractional HP motors in the US using 100% US sourced parts. This is a win-win for everyone. The consumer gets a better product and Joe 6 pack has a job to sustain his family."
When pressed about warranty coverage, Washman stated that GE Appliances will have industry leading warranty coverage.
"WIth our focus on quality, not shareholder returns, we'll be able to beat anyone out there. Our confidence in our product design, component sourcing, and engineering will be reflected in our warranty. No one will be able to touch us."
Washman also stated no jobs would be eliminated but did hint that some locations would be consolidated to reduce distribution costs. He did not elaborate further.
"I am excited about this venture. The guys on AW.org cannot wait to get started. We've got more passion, talent, and smarts that all our competitors put together. We can't wait to get started"
Washman has also enlisted the talents of lobbyists to get the DOE to rollback what he considers "asinine" energy regulations.
"These regulations have put the hurt on everyone, even Whirlpool. There's only so much water you can take out of the equation before performance suffers. We have hundreds of thousands of testimonials that range from poor washing to incredibly long wash times. Today's homeowner simply does not have hours to do what was once a simple task. We hope to have that changed to a more reasonable standard that makes sense."
Board of director nominations are:
Frigilux
Moparwash
Jetcone
Swestoyz
danmantn
GusherB
Yogitunes
Launderess
VP postions are being reviewed per company practice and announcements will be made in the next 10 days.
PITTSBURGH-
After much discussion AW.ORG, a consortium of washer aficionados has engaged the services of an unannounced private equity firm to purchase the entire appliance division of mega conglomerate, General Electric. Terms of deal were not disclosed.
The new company, to be named Automatic Appliances Inc will operate GE appliances as a division. Current product lineup will remain intact however plans are already underway to upgrade and improve the entire line.
GE's CEO was reported as saying "I'm delighted to have found a hard core group of appliance gurus dedicated to maintaining the GE brand. For over 100 years, we brought good things to life but our shareholders wanted more than good things. Like ROA, earnings per share, reduced manufacturing footprint, and "virtual" lines of business that generate massive returns with minimal investment. This divestiture of the appliance line is in no way a reflection on the hard work of our dedicated associates but rather a necessary step towards that goal.
Washman, the soon to be announced President and CEO remarked, "For a long time we've watched the industry consolidate and evolve into faceless, generic products that lack passion in design and execution. With our high powered team, we'll bring back that passion that represented what America was all about. Already, teams are in the formation process. We'll be a force to be reckoned with for years to come".
For the foreseeable future, all current manufacturing locations will operate without change. But Washman, CEO, hinted at some possible changes. "For too many years, companies have outsourced basic "guts" design like motors and compressors to 3rd party outfits. We're out to change that. We have a plant nearing completion that, I am proud to say, will manufacture all fractional HP motors in the US using 100% US sourced parts. This is a win-win for everyone. The consumer gets a better product and Joe 6 pack has a job to sustain his family."
When pressed about warranty coverage, Washman stated that GE Appliances will have industry leading warranty coverage.
"WIth our focus on quality, not shareholder returns, we'll be able to beat anyone out there. Our confidence in our product design, component sourcing, and engineering will be reflected in our warranty. No one will be able to touch us."
Washman also stated no jobs would be eliminated but did hint that some locations would be consolidated to reduce distribution costs. He did not elaborate further.
"I am excited about this venture. The guys on AW.org cannot wait to get started. We've got more passion, talent, and smarts that all our competitors put together. We can't wait to get started"
Washman has also enlisted the talents of lobbyists to get the DOE to rollback what he considers "asinine" energy regulations.
"These regulations have put the hurt on everyone, even Whirlpool. There's only so much water you can take out of the equation before performance suffers. We have hundreds of thousands of testimonials that range from poor washing to incredibly long wash times. Today's homeowner simply does not have hours to do what was once a simple task. We hope to have that changed to a more reasonable standard that makes sense."
Board of director nominations are:
Frigilux
Moparwash
Jetcone
Swestoyz
danmantn
GusherB
Yogitunes
Launderess
VP postions are being reviewed per company practice and announcements will be made in the next 10 days.
