May 15, 2008

Will GE Turn Chinese?

The announcement that GE is hiring investment bankers for a possible sell of its appliance business has commenters buzzing that the Chinese may be interested suitors, specifically Haier which was thwarted in its bid for Maytag three years ago by a shamelessly xenophobic (and non business minded) US Congress. GE's appliance unit has a long and distinguished history as an early manufacturer of household appliances and former market leader but it's sales today - though substantial at over $7 billion annually - have fallen behind foreign brands in Germany and Asia (South Korea's LG, for example).

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