GE Targets Spinoff of Consumer, Industrial Unit

July 10, 2008 10:36:47 AM PDT
General Electric says it is focusing on spinning off its consumer and industrial businesses, which make light bulbs and Energy Star household appliances such as dishwashers and clothes dryers. The Fairfield, Conn.-based diversified conglomerate continues to explore all options for the consumer and industrial operations, but believes it makes the most sense to spin off the entire unit, keeping its leadership teams and employees intact.

"As we explored our options for appliances, it became clear that the fastest, most efficient step we could take in completing the transformation of our industrial portfolio would be to focus on a possible spin-off of the entire unit," General Electric Co.

Chairman and Chief Executive Jeff Immelt said in a statement. --

AP Business Writer Jennifer Malloy in New York