Electrolux to buy GE Appliances in $3.3B deal

[Omaha Steve]

Source: AP-EXCITE

By KARL RITTER

STOCKHOLM (AP) — Sweden's Electrolux is buying the appliances business of General Electric for $3.3 billion, boosting its presence on the North American market, the companies said Monday.

The acquisition is the largest ever for Stockholm-based Electrolux, ranked as the world's second biggest home appliance maker after U.S. rival Whirlpool.

Electrolux shares rose 7 percent to 200.50 kronor ($28.27) in early trading in Stockholm.

GE confirmed last month it was in talks to sell its appliances division — maker of the first electric toaster more than 100 years ago — as part of its effort to focus on selling more complex and profitable industrial equipment.

FULL story at link.


Read more: http://apnews.excite.com/article/20140908/eu--electrolux-general_electric-appliances-73271eecc8.html

[mac56]

1. As their slogan once said:

[Historic NY]

2. Might make the old dooor to door sales worth it...Kirby's going to hate it.

[SoapBox]

3. Oh goody! So they can focus on war machine stuff?

[BlueEye]

6. Eh, defense contracts are a relatively small portion of GE's business.

their commercial rail and turbine (both aviation and power generation) divisions are a bigger component of their business. GE builds its machines in the US at union shops. Not to say they're "friendly" to labor, but at least they've shown no sign of moving operations in Ohio, PA and elsewhere to the right-to-work states. They dodge taxes, although they've paid more in the last couple years than their 2010 $0 tax bill.

[mahatmakanejeeves]

7. GE Transportation opened a facility in Texas recently

in addition to the Erie facility.

Business Group Contacts

Locomotives & Services

Locomotive & Services Headquarters
2901 East Lake Road
Erie, PA 16531
[phone]

[e-mail]

Manufacturing Solutions
16201 Three Wide Drive
Ft. Worth, TX 76177
[phone]

[e-mail]

[jdadd]

4. I know where this is going....

I worked for Westinghouse Electric, household appliance division, later to become part of Frigidaire corp. Electrolux purchased us along with another local appliance corp, the Tappan Range company. They ended up closeing both plants, only to retain the brand names, to stick on products built elsewhere, My job left in 1990. Gibson, Kelvinator, Frigidaire, Tappan, all sucked up by Electrosux....Now GE? SHIT!!

I still live in the area, this seemed to create a chain reaction of many other companies, and small businesses closing's. Here in Central Ohio. I've worked for three other businesses, that also closed or left the country...I was lucky enough to have a pension from Westinghouse, and along with ss, I'm getting by.

[lululu]

5. Ge used to make quality appliances

Now they make junk.