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Friday, May 16, 2008 --- 71 days ago http://www.huffingtonpost.com/2008/05/16/ge-confirms-plans-to-exit_n_102174.html
| NEW HAVEN, Conn. _ General Electric Co. plans to sell or spin off the business that for a century has put appliances in American homes, a decision that could presage further asset sales, analysts said.
The industrial conglomerate, one of the world's largest companies, said in a statement Friday that 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.
"We think this is further recognition the company needs to exit the slow and no-growth businesses," said Robert Schenosky, an industrial analyst with Jefferies & Co. in New York who has favored asset sales. "It's a recognition that there is not anything that is untouchable at this point."
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," Schenosky said.
GE could be a dramatically different company in the coming years, Schenosky said. He also said the company needs to look at the type of acquisitions it makes, saying deals in health care and entertainment made the company larger but did not boost earnings power in a meaningful way.
Matt Collins, an analyst at Edward Jones in St. Louis, said he would not be surprised to see GE sell its lighting and electrical distribution business ... |
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