General Electric is looking to do a big spin-off. No, it’s not NBC Universal. GE CEO Jeff Immelt yesterday announced that the company may spin-off its entire Consumer & Industrial business unit to shareholders. The company had previously said it might spin-off its appliances business, but that has now been expanded.
“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,” said Immelt. In addition to appliances, that would include GE Lighting and a business that makes electrical distribution equipment and motors.
“Consumer & Industrial would benefit by keeping a world-class leadership team intact, its employees together and would have the ability to control their own destiny. I am pleased that Jim Campbell and his team remain committed to this effort," Immelt said of the potential spin-off. The Consumer & Industrial businesses accounted for about $13.3 billion of GE’s $173 billion in 2007 revenues.
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