on Thursday said it was shifting its focus to a spin-off of its entire Consumer and Industrial business, which makes the company's appliances and lighting products.
GE in May said
a spin-off was one possible outcome
of a strategic review of its appliances division. While it continues to consider all options, keeping the entire division's management together, began to make more sense to the company as it mulled the situation, Chairman and CEO Jeffrey Immelt said in a company statement.
"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," Immelt said. "This is consistent with the strategy we have been executing to transform the GE portfolio for long-term growth and makes sense for GE shareholders."
GE is set to report second-quarter earnings Friday. Analysts polled by Thomson Reuters expect a profit of 54 cents a share on revenue of $45.31 billion.
Shares were rising fractionally to $27.35 in recent trading.
This article was written by a staff member of TheStreet.com.