News & Observer | newsobserver.com | Profit drop may lead GE to sell off its appliance arm

Published: May 15, 2008 12:30 AM
Modified: May 15, 2008 02:44 AM

Profit drop may lead GE to sell off its appliance arm

The division could fetch $8 billion.

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FAIRFIELD, CONN. - General Electric is reportedly seeking a buyer for its 100-year-old appliance business.

The Wall Street Journal reported that GE hired Goldman Sachs to run an auction for the Louisville, Ky.-based division. The sale could yield $5 billion to $8 billion, the newspaper said.

Chief Executive Jeff Immelt has been under pressure to restructure the industrial and financial conglomerate, particularly since last month's surprising first-quarter earnings report that profits fell 6 percent.

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