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GE Looking to Sell Appliances Division

May 14, 2008  •  Post A Comment

General Electric, parent company of NBC Universal, plans to sell its appliances division, according to the New York Times, citing a person briefed on the matter. A sale of the unit, one of the oldest businesses in the conglomerate’s 120-year history, could fetch at least $5 billion, this person said, according to the Times. Since GE reported first-quarter earnings that missed analysts’ estimates, and saw its stock price endure its biggest one-day fall in 20 years, CEO Jeffrey Immelt has vowed to cut $3 billion in costs at the company.
—Lisa D. Horowitz

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