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GE to sell historical appliance division
(MENAFN) General Electric Co confirmed that it considers selling its historical appliance division as it focuses on selling more complex and profitable industrial equipment, The Peninsula Qatar reported.
GE said it plans to sell businesses worth USD4 billion this year. The company's appliance division, maker of the first electric toaster more than a century ago, has been thought to be a candidate for sale.
GE's appliance division earned USD381 million on USD8.3 billion in sales last year, for a profit margin of 4.6 percent.
The company's industrial division as a whole earned USD16.2 billion on sales of USD103.6 billion, for a far more robust margin of 15.7 percent.
The confirmation came after the Swedish appliance maker Electrolux released a statement that it was in discussions to buy the business from GE, which is based in the US.
GE said it plans to sell businesses worth USD4 billion this year. The company's appliance division, maker of the first electric toaster more than a century ago, has been thought to be a candidate for sale.
GE's appliance division earned USD381 million on USD8.3 billion in sales last year, for a profit margin of 4.6 percent.
The company's industrial division as a whole earned USD16.2 billion on sales of USD103.6 billion, for a far more robust margin of 15.7 percent.
The confirmation came after the Swedish appliance maker Electrolux released a statement that it was in discussions to buy the business from GE, which is based in the US.
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