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GE Makes Majap Sale A Package Deal

7/10/2008 10:45:00 AM Eastern

Fairfield, Conn. — GE, which last month announced plans to divest its white-goods business, has decided to spin off its entire consumer and industrial division, of which appliances is a part.

GE said it will continue to explore all strategic options, including a sale, spin-off or joint venture, but is now primarily focused on spinning off the whole unit, which also makes lighting products and integrated electrical distribution equipment and systems.

A spin-off would create a separate company that would still be held by GE shareholders.

“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,” GE chairman and CEO Jeff Immelt said in a statement.

Immelt said a package deal “makes sense for GE shareholders” as well as the unit, which has integrated processes, distribution and backroom operations. The division would also benefit by keeping its management and employees intact under president/CEO Jim Campbell, he added.

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