(Corrects paragraph 2 to show that the revenue was for the
appliances and lighting unit, not only the appliances business.
Removes reference to lighting business in paragraph 4)
July 16 General Electric Co is in talks
to sell its century-old household appliances business for as
much as $2.5 billion, Bloomberg reported, citing people familiar
with the matter.
GE's appliances and lighting unit reported revenue of more
than $8 billion in 2013. The appliances business may fetch $1.5
billion to $2.5 billion in a sale, Bloomberg quoted the people
as saying. (bloom.bg/1oYC38h)
GE was waiting to wrap up its acquisition of Alstom SA's
energy assets before pursuing options, including an
outright sale, for its appliances business, Bloomberg reported,
citing one of the people.
With the Alstom deal signed, GE is talking to bidders for
its appliances business, Bloomberg quoted the people as saying.
GE spokesman Seth Martin declined to comment.
The business sells home appliances under the GE Monogram, GE
Cafe and Hotpoint brands.
The move is part of GE's strategy of divesting businesses
and restructuring itself to boost its valuation to be in line
with its peers.
The company has outlined plans to divest $4 billion worth of
industrial businesses this year to focus its portfolio on
businesses with high returns.
GE's shares were up 1.7 percent at $27.06 in afternoon
trading on the New York Stock Exchange.
(Reporting by Sagarika Jaisinghani in Bangalore; Editing by
Kirti Pandey and Savio D'Souza)