GE Drops Proposed $3.3B Sale of Appliances Division
Connecticut-based GE (NYSE: GE) announced Monday it has terminated its agreement to sell its Appliances division to Electrolux. GE employs more than 6,000 workers at its division headquarters in Louisville.
GE says it will now pursue other options to sell the Appliances business. The company says its Appliances division is performing well and it will continue to run the business while it pursues those other options.
Chip Blankenship, president and CEO of GE Appliances, says their goal is "continuing to improve GE Appliances’ competitiveness in the industry and our ability to provide the products and services consumers have counted on for more than a century."
GE announced the sale in September of last year. While GE did not give a reason for the termination of the agreement, the company says it is entitled to a break-up fee of $175 million from Electrolux.