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 5/10 Good --- www.charlotte.com http://www.charlotte.com/122/index.rss
| News, sports and entertainment from Charlotte.com ... |
Saturday, May 17, 2008 --- 69 days ago http://www.charlotteobserver.com/business/story/628000.html
| General Electric Co. plans to sell or spin off the appliance business that for a century has put refrigerators, washing machines and dishwashers in American homes. Some analysts say the move shows one of the world's largest companies may shed other cherished assets. The industrial conglomerate said in a statement Friday the move is part of an ongoing plan to exit "slower growth and more volatile businesses." Last year, Fairfield-based GE shed its underperforming plastics business by selling it to a Saudi Arabian company for $11.6 billion. "It's a recognition that there is not anything that is untouchable at this point," said Robert Schenosky, an industrial analyst with Jefferies & Co. in New York who has long favored such moves. GE entered the appliance business in 1907 and boasts of milestones such as introducing the refrigerator, room air-conditioner and toaster oven. Chairman and chief executive Jeff Immelt has been facing calls to break up GE, whose far-ranging product line -- including jet engines, industrial turbines, credit cards and the NBC entertainment-and-media empire -- was once considered a key part of the company's thrive-in-all-environments strategy. Schenosky said it's hard to predict what else GE might sell. "Certainly other candidates could include the lighting business and even potentially NBC Universal," he said. GE could be a dramatically different company in the coming years, Schenosky said. He also said the ... |
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