GE confirms plans to exit appliance business [View All]

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Source: Associated Press

FAIRFIELD, Conn. (AP) -- General Electric Co. said Friday it plans to sell or spin-off its century-old appliance business.

The Fairfield, Conn., industrial conglomerate said in a statement the move is part of an ongoing plan to exit "slower growth and more volatile businesses."

The company is planning a strategic review that could result in an outright sale, a strategic partnership or a spin-off to shareholders.

The Louisville, Ky.-based business, which makes refrigerators, air conditioners and ovens, generates most of its revenue in the U.S., leaving its results dependent on "the rise and fall of a single market," GE said.



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