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GE’s Immelt Denies Sales Rumors

8/25/2003 03:35:00 PM Eastern

Las Vegas — In a speech at the AVB/Brand Source group’s annual convention, Jeffery Immelt, chairman/CEO of General Electric, applauded the efforts of independent appliance retailers and offered a denial to the persistent rumors that GE may give up on the major appliance business.

“We have no interest in selling the GE appliance business” in the foreseeable future, Immelt said. “No one out there can run the business better than we can. There is room for improvement, but we look to count on the business and keep it in the family — a GE business.”

Immelt said GE will focus on specific points to improve the performance of the white goods segment, which accounts for only 3 percent of the company’s total business. Among the strategies he mentioned was the delivery of “a consistent message and performance, and strong integrated sales and marketing.”

He added that the company “will continue to be brutal on cost,” but will shift its focus more toward “value and not just share.” He also said GE will invest more in products and innovation across its GE, Profile and Monogram brands.

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