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Last updated on Thursday, May 15, 2008
(FAIRFIELD, CT) - Not only is General Electric moving it’s appliance factory out of Bloomington, GE may be moving out of appliances entirely.
The Wall Street Journal has reported, as of yesterday, General Electric has hired investment firm Goldman Sachs to run an auction for the appliance division of General Electric.
The paper reports this could mean between $5 and $8 billion in revenue to the conglomerate.
GE's appliance division, which is centered in Louisville, Kentucky as part of GE's industrial business, has been in operation for nearly 101 years. The industrial section of GE represents a little over 10% of GE's $172.7 billion of gross revenue in 2007.
Bloomington's GE plant has been announced to close and is expected to shut its doors late next year.
General Electric spokespeople have so far refused to comment to The Wall Street Journal, and no list of potential suitors has been mentioned.
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