Electrolux CEO Says $3.3B GE Appliance Deal Doubles Size in U.S.

Electrolux's CEO Keith McLoughlin says the acquisition of GE's appliance business is a 'significant opportunity' to enhance its global competitiveness and he expects the acquisition to add to the bottom line in the first year after the deal is approved. The $3.3 billion acquisition will double the company's presence in the U.S. and make it bigger, in terms of market share, than Whirlpool. McLoughlin says it will continue to sell appliances under the GE name for the foreseeable future as the company looks to capitalize on the branding investment GE has made over the past several years. McLoughlin says the deal cement's the company's foothold in the U.S. and also opens up more opportunities in markets with a growing middle class. The deal allows GE to exit a business it has been eager to sell for years as it tightens its focus on heavy industry and energy.TheStreet's Ruben Ramirez has details from New York.