Aug 13 General Electric Co is reportedly
in talks with Sweden's Electrolux AB and Quirky Inc
to sell its household appliances unit, Bloomberg reported,
citing people familiar with the matter.
Sale of the century-old appliances business may fetch about
$2 billion, Bloomberg quoted the people as saying. (bloom.bg/1lVXmEj)
The business sells home appliances under the GE Monogram, GE
Cafe and Hotpoint brands.
The U.S. conglomerate recently decided to try selling its
home appliances unit again as Chief Executive Officer Jeffrey
Immelt focuses on industrial operations, Bloomberg reported.
Quirky, a consumer development startup, will tie up with
private-equity firms to acquire a majority stake in the
business, Bloomberg said, citing the sources.
GE spokesman Seth Martin declined to comment.
GE has outlined plans to divest $4 billion worth of
industrial businesses this year to focus its portfolio on
businesses with high returns.
Electrolux could not immediately be reached for a comment.
Quirky was not available to comment outside of normal business
(Reporting by Tanvi Mehta in Bangalore; Editing by Lisa