ge unloads appliance division to sweden's electrolux - home appliance manufacturer

GE's refrigerators, stoves, washing machines and other products have made it a household name for a century, and the company announced on Monday that it will sell its electrical business further away from consumers. The $3.
3 billion sale of GE Appliances to Electrolux, Sweden-
CEO Jeff Immelt is looking at the latest bigger move
Air ticket energy and aviation business
Long awaited.
"Electrolux is the right global business for our customers, consumers and employees," Immelt said on Monday . ".
"GE's employees, valuable home appliance brands, products, distribution and service capabilities perfectly align them with Electrolux and its goal of accelerating growth in the United StatesS.
"Immelt's strategy is to focus on high-margin electricity, energy, aviation and healthcare businesses.
Home appliances account for only $5.
7 billion of GE's $146 billion revenue and 2013 of its $0. 39 billion revenue-
One of the main reasons why GE shares have barely changed in trading news.
GE shares fell 2 cents to $26. 08 a share.
Uninstall the equipment department for $3.
3 billion, however, was not sold.
According to Dinesh Kithany, a senior household appliance analyst at research firm IHS, GE spent time looking for buyers.
"Knowing GE, they are very picky about their brand," says Kithany . ".
"They need to take care of consumers in terms of warranty and all after-sales service after this agreement is signedsales service.
Electrolux will continue to sell under the GE brand.
Electrolux's stock, which will double the stock in the United States. S.
Sales and fierce competition with rivals such as Whirlpool jumped 5% to $55. 44.
It is unclear what will happen to GE's 12,000 employees, about half of whom are employed in the city of Wisconsin, including an increase of 2,200 employees last year.
"We need to convince Electrolux to stay in the city of Louise," said Jerry Carney, recently retired president of IUE Local 761, who represents most GE factory workers in the region.
Now Carney is in charge of the international sector for new products on behalf of the EU.
"GE is a great employer and gives a lot of people a good livelihood.
"I believe we can continue to work with Electrolux," Carney said . ".
Until regulators have the opportunity to look into the deal and make suggestions on how various shareholding should be handled, no news about employment will emerge.
However, Electrolux CEO Keith McLoughlin says the combined company will be based in Charlotte.
"GE electric appliance is
With strong operational capabilities in key areas such as R & D, engineering, supply chain and customer service, we look forward to working with their talented and capable team, said McLoughlin.
Electrolux has just opened his own oven factory in Memphis, and there are other factories in Anderson. C. , and St. Cloud, Minn.
The company's global revenue in 2013 was about $15 billion, and sales of large home appliances in North America were 29%.
More than 61,000 of Electrolux's 18% employees worldwide are from the United States. S. —
It employs more than three times as many people in Sweden.
While GE has long marketed itself as a typical American brand, Electrolux operates in the United States. S. since 1933.
Prior to today's announcement, Electrolux's biggest expansion in the United States was in 1986, when it acquired white Joint Industrial Manufacturing sold under the brand Frigidaire, Westinghouse and Kelvinator.
Report of Louisville ExpressJournal.
Kender and Barry write for reviewcom.