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© mikael damkier dreamstime.com Electronics Production | September 08, 2014

GE sell Appliances Business to Electrolux

GE has signed a definitive agreement to sell its Appliances business to Electrolux for $3.3 billion. As part of the transaction, GE has entered into a long-term agreement with Electrolux to continue use of the GE Appliances brand.
The transaction has been approved by the boards of directors of GE and Electrolux and remains subject to customary closing conditions and regulatory approvals, and is targeted to close in 2015.

“This transaction is consistent with our strategy to be the world’s best infrastructure and technology company,” said GE Chairman and CEO Jeff Immelt. “We are creating a new type of industrial company, one with a balanced, competitively positioned portfolio of infrastructure businesses with strong advantages in technology, growth markets, driving customer outcomes, and a culture of simplification.”

“GE Appliances is a well-run operation with strong capabilities in key areas such as R&D, engineering, supply chain and customer service,” said Keith McLoughlin, President and CEO of Electrolux. “We look forward to joining forces with their team of talented and competent people.”
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