Electrolux in talks to buy GE’s appliances business

Company forecasting growth in sales in Europe

The General Electric  logo is seen on a microwave oven  in a shop in Torrance, California. GE’s home appliances business, which sells products under the GE Monogram, GE Cafe and Hotpoint brands, could be worth between $2 billion and $2.5 billion. Photograph: Bloomberg

The General Electric logo is seen on a microwave oven in a shop in Torrance, California. GE’s home appliances business, which sells products under the GE Monogram, GE Cafe and Hotpoint brands, could be worth between $2 billion and $2.5 billion. Photograph: Bloomberg

Thu, Aug 14, 2014, 20:00

World number two home appliances maker Electrolux said yesterday it was in talks to buy General Electric’s household appliances business.

“AB Electrolux today confirmed that it is in discussions regarding a possible acquisition of the appliances business of GE. No agreement has been reached,” said Electrolux, a smaller rival to Whirlpool.

GE’s home appliances business, which sells products under the GE Monogram, GE Cafe and Hotpoint brands, could be worth between $2 billion and $2.5 billion. The US conglomerate is trying to sell its home appliances unit as it seeks to allocate resources to higher-growth businesses.

Electrolux last month posted better quarterly profits than expected, and stuck to forecasts for growth in its home region Europe after years of gloom, and in the US. – (Reuters)