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GE Might Sell Appliances Unit

TSC Staff

General Electric (GE - Cramer's Take - Stockpickr) might sell its appliances business as part of a bid to restore growth at the industrial conglomerate, according to a published report.

The Wall Street Journal said GE might part ways with the unit for a price between $5 billion and $8 billion. The report cited people who were familiar with the situation. GE has hired Goldman Sachs to conduct an auction for the appliances division, the report said, adding that it wasn't clear who might bid at this point.

Possible buyers, though, could be Germany's BSH Bosch & Siemens Hausgerate, China's Haier Group, private-equity firms or Mexico-based GE partner Controladora Mabe, the report said.

GE's appliance unit had revenue of about $7 billion in 2007, and it's the No. 2 U.S. appliance company by volume behind Whirlpool (WHR - Cramer's Take - Stockpickr).