Thread Number: 54731
GE in Talks With Suitors to Sell Iconic Appliances Business |
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Post# 771313   7/16/2014 at 15:59 (3,543 days old) by Unimatic1140 (Minneapolis)   |   | |
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Post# 771316 , Reply# 1   7/16/2014 at 16:09 (3,543 days old) by Frigilux (The Minnesota Prairie)   |   | |
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Post# 771320 , Reply# 2   7/16/2014 at 16:21 (3,543 days old) by Launderess (Quiet Please, There´s a Lady on Stage)   |   | |
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Spin off "non-essential" parts of it's business to concentrate on core and revenue producing sectors.
GE Credit IIRC is also soon or has been placed on the selling block. General Electric for whatever greatness it once held in appliances (including Hotpoint) IMHO hasn't really concentrated on that line in years. They make their money in aerospace (jet engines), locomotives and a whole host of other businesses. Would be great if someone who really cares about domestic appliances picked up that GE division and tried to make something of it again. Think of all the patents and famous brands (again such as Hotpoint) GE holds. |
Post# 771322 , Reply# 3   7/16/2014 at 16:27 (3,543 days old) by Supersuds (Knoxville, Tenn.)   |   | |
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Post# 771324 , Reply# 4   7/16/2014 at 16:43 (3,543 days old) by mrb627 (Buford, GA)   |   | |
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Post# 771327 , Reply# 5   7/16/2014 at 16:50 (3,543 days old) by KenmoreBD (Mass, usa )   |   | |
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OH HECK NO! Not GE! I was just starting to like them |
Post# 771339 , Reply# 6   7/16/2014 at 17:58 (3,543 days old) by pierreandreply4 (St-Bruno de montarville (province of quebec) canada)   |   | |
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I would not be suprise that the ones buying ge will be none other than whirlpool and you know what this m,ean they will change the washer dryerline to look like they did when they bough maytag sigh sorry its just a feeling i have and its strange but i hope that if ge appliance is indeed put on sale if there is a washer god now the time to pray that the ones buying ge appliance is none other than speed queen would you rather have ge washer dryers looking like this same fate as maytag or like a speed queen washer dryer (hubesch in canada) i other word like picture one whirlpool look or like picture 2 speedqueen look?
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Post# 771342 , Reply# 7   7/16/2014 at 18:07 (3,543 days old) by paulg (My sweet home... Chicago)   |   | |
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GE threatened to sell off the appliance business some years ago - but then did a splendid job of restoring their appliance presence with innovative product - as well as restoring Appliance Park in the process.
I said it before and I'll say it again, if GE sells the appliance unit to some junky foreign manufacturer - it'll be the LAST GE appliance I will buy. |
Post# 771352 , Reply# 10   7/16/2014 at 18:36 (3,543 days old) by paulg (My sweet home... Chicago)   |   | |
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Post# 771362 , Reply# 11   7/16/2014 at 19:53 (3,543 days old) by combo52 (50 Year Repair Tech Beltsville,Md)   |   | |
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This is not surprising as GE really has only had any real superiority in cooking appliances for a long time now. They might as well written off laundry appliances in 1994, and they refrigerators since 2001 have been plagued with problems also.
It will not be sold to Whirlpool or Electrolux, I would guess that Haier would be most likely with LG and Samsung coming in 2nd and 3rd.I would prefer to see Haier get it as it would keep more US workers in there current jobs in US plants. In retrospect I wish that WP had not bought MT and it had instead gone to Haier, as the accusation of MT has not helped WP be as competitive as they should be in the US market. |
Post# 771363 , Reply# 12   7/16/2014 at 20:01 (3,543 days old) by appnut (TX)   |   | |
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Post# 771382 , Reply# 13   7/16/2014 at 21:40 (3,543 days old) by alr2903 (TN)   |   | |
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IIRC, GE got a nice chunk of change in tax breaks when they agreed to mfr. the "Geotherm" water heater in the USA instead of outsourcing it. When it looks and smells like corporate welfare it usually is. ALR |
Post# 771384 , Reply# 14   7/16/2014 at 21:48 (3,543 days old) by roto204 (Tucson, AZ)   |   | |
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Post# 771391 , Reply# 15   7/16/2014 at 22:08 (3,543 days old) by gansky1 (Omaha, The Home of the TV Dinner!)   |   | |
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LG and Samsung already have well established brands in the US and globally but some of the lesser known foreign companies will certainly get hot and bothered to grab some instant name recognition. GE has been sourcing laundry products and many components from Little Swan/Midea (China) for a long time so a chance to grab GE's market share would be a huge win for a concern like them.
It certainly will be an interesting show to watch and the outcome will be even more so.
Watch carefully, the Kenmore brand name will be next on the block! |
Post# 771394 , Reply# 16   7/16/2014 at 22:23 (3,543 days old) by roto204 (Tucson, AZ)   |   | |
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Seeing as how brands are spread so thickly among single manufacturers--recalling the days of Chevrolet-Buick-Pontiac-Oldsmobile-Cadillac-Saturn-Saab-GMC-Hummer, it makes me wonder if we're going to see a winnowing effect, where the strongest brands persist as the more ancillary ones bow out. Whirlpool seems to be positioning Maytag more aggressively while other brands that never made much sense in their portfolio anyway (Jenn Air, Admiral) seem directionless by comparison.
Since Kenmore has worked so hard to divorce themselves from consistent suppliers and even consistent sales venues, I wonder how relevant they really are--any more than anyone would have clamored for the Signature marque after the demise of Ward's. GE, on the other hand, seems to be pulling a Frigidaire--making some really great products you'd actually want to buy, just before fading into the sunset. |
Post# 771412 , Reply# 17   7/17/2014 at 00:18 (3,543 days old) by Frigilux (The Minnesota Prairie)   |   | |
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Post# 771422 , Reply# 18   7/17/2014 at 01:39 (3,543 days old) by ultramatic (New York City)   |   | |
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Post# 771427 , Reply# 19   7/17/2014 at 01:53 (3,543 days old) by tolivac (greenville nc)   |   | |
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Is GE's lighting division on the sale block,too?from reading the link-thats going too?What is GE going to do???One fine bugger-bear of a MESS!!!!If you want a REAL GE item---GET IT NOW!!! |
Post# 771505 , Reply# 21   7/17/2014 at 10:42 (3,542 days old) by gefilterflo (Newark, Ohio)   |   | |
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Post# 771532 , Reply# 22   7/17/2014 at 13:24 (3,542 days old) by roto204 (Tucson, AZ)   |   | |
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I don't think that, despite GE's laudable efforts at keeping jobs here, most corporations anthropomorphize successfully into the embodiment of someone with integrity. Heck, some individuals can't even do that. :-)
It's all about the dollars, and I'm sure with a corporation as complex as GE, it's driven by equally complex motives. Although GE has licensed its trademark before to others, part of me wonders--if this actually transacts--if the result will be similar to White-Westinghouse, wherein parts of the original company remained and wanted to keep their rights to the intellectual property with no confusion about who was whom ("W" and "Westinghouse" name and branding), so WCI had to come up with a separate set of branding for the appliance division they acquired. |
Post# 771570 , Reply# 23   7/17/2014 at 19:08 (3,542 days old) by dascot (Scotland)   |   | |
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I can't see Whirlpool wanting (or being allowed) to buy the entire GE appliances operation. I could see them trying to get the Hotpoint name, so that they could control both the US and European Hotpoint names... |
Post# 771603 , Reply# 24   7/17/2014 at 22:38 (3,542 days old) by Supersuds (Knoxville, Tenn.)   |   | |
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That's an interesting idea, dascot. Companies usually like to have international control of trademarks these days.
It's been several generations since the Hotpoint name was used in North America for anything but budget appliances. Whirlpool might be able to lock up the brand name for a song. It's too bad because Hotpoint made some really excellent products pre-1970 -- at least they were a little different. |
Post# 771717 , Reply# 25   7/18/2014 at 16:50 (3,541 days old) by tecnopolis (Ocala/Dunnellon, Florida 34481)   |   | |
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How big does Whirlpool have to get before the Dept. Of Justice steps in to prevent a monopoly.
The last thing I want is another Whirlpool based appliance. I still haven't quite got my head completely around that whole Maytag merger fiasco.
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Post# 771725 , Reply# 26   7/18/2014 at 17:18 (3,541 days old) by henene4 (Heidenheim a.d. Brenz (Germany))   |   | |
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OMG! I'm getting sucked in by (a) Whirlpool!!! XD |
Post# 771738 , Reply# 28   7/18/2014 at 19:14 (3,541 days old) by combo52 (50 Year Repair Tech Beltsville,Md)   |   | |
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Post# 771749 , Reply# 29   7/18/2014 at 20:30 (3,541 days old) by Iheartmaytag (Wichita, Kansas)   |   | |
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Whirlpool had a time getting the Maytag purchase approved by the DOJ. Having just purchased a new GE range last year, I hate to see them go or change, but most definitely don't want to see the Icon of the electric light. The son of Edison Electric go out of the states in ownership.
Though besides Whirlpool, is there any other American appliance Manufactures ? Then there are the venture capitalist that would whittle it apart and sell off the pieces.
NO, I feel if GE sells, it is doomed like their small appliance divison. They used to have some darned good coffee makers. |
Post# 771762 , Reply# 30   7/18/2014 at 21:55 (3,541 days old) by Launderess (Quiet Please, There´s a Lady on Stage)   |   | |
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No one wanted the Chinese firms expressing interest to get their mitts on such an iconic American brand. It really came down to the lessor of two evils as don't think there was that much interest.
Worse case would have been for one of those venture capital/turn around things to have gotten a hold of Maytag. They certainly would have gutted and or sold off, gutted and otherwise picked Maytag clean, leaving nothing left but the scraps. |
Post# 771785 , Reply# 31   7/18/2014 at 23:40 (3,541 days old) by Iheartmaytag (Wichita, Kansas)   |   | |
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I didn't want Maytag going to China, however, that is exactally where Hoover went when they were sold off in the acquisition.
There were questions about anti-trust though, and that purchase took several months to be approved. I just don't see a GE purchase by Whirlpool being approved. BUT I hate the Idea of GE being sold off to a foreign company. |
Post# 771813 , Reply# 32   7/19/2014 at 03:38 (3,541 days old) by alr2903 (TN)   |   | |
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I think Maytag was pretty well gutted and whittled off long before Whirlpool acquired them. Poor Maytag rotted from the inside out, a successful corporate raid. |
Post# 771846 , Reply# 33   7/19/2014 at 09:32 (3,540 days old) by pierreandreply4 (St-Bruno de montarville (province of quebec) canada)   |   | |
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Here is a little quiz what was better in the ge line of washers the good old fashion filter flo washer line with the good old fashion filter flo pan or today line with plastic wash tubs or stainless steel wash tub if for x reason i would have to buy vintage it would be a good old fashion filter flo washer i have use a filter flo ge washer only once and that was in 1998 during a family vacation with my mom in a rental villa that was after the big ice storm picture 1 or picture 2 lol credit to the original picture taker that i am using for picture number 1
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Post# 771889 , Reply# 34   7/19/2014 at 12:15 (3,540 days old) by DaveAMKrayoGuy (Oak Park, MI)   |   | |
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Post# 781331 , Reply# 35   9/4/2014 at 10:26 (3,493 days old) by washman (o)   |   | |
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www.reuters.com/article/2014/09/0... |
Post# 782251 , Reply# 36   9/8/2014 at 00:17 (3,490 days old) by roto204 (Tucson, AZ)   |   | |
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Post# 782283 , Reply# 37   9/8/2014 at 07:39 (3,489 days old) by Kenmore71 (Minneapolis, MN)   |   | |
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And according to this morning's paper the deal is done. The GE Appliance division has been acquired by Electrolux for $3.3 billion. From the AP:
STOCKHOLM — 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. Electrolux CEO Keith McLoughlin said the move, which needs regulatory approval and is expected to be completed in 2015, "takes our company to a new level in terms of global reach and market coverage." Electrolux plans a rights issue corresponding to about 25 percent of the purchase after the acquisition is complete. Headquartered in Louisville, Kentucky, GE Appliances' products include refrigerators, freezers, cooking products, washers and dryers and air conditioners. The division, which has 12,000 workers at nine factories, earned $381 million on $8.3 billion in sales last year, for a profit margin of 4.6 percent. "GE Appliances' people, valuable home appliances brand, products, distribution, and service capabilities make it a perfect fit with Electrolux and its goal of accelerating growth in the U.S.," GE Chief Executive Jeff Immelt said in a joint statement from the two companies. Other than its own brand, Electrolux sells under the Zanussi, AEG, Frigidaire and Eureka trademarks. In July it posted a second-quarter net loss of 92 million kronor ($13.5 million), citing large restructuring charges, but said demand in Europe and the United States was picking up. Electrolux has more than 60,000 employees, including 10,000 in North America. Its North American operations are headquartered in Charlotte, North Carolin |
Post# 782292 , Reply# 39   9/8/2014 at 08:36 (3,489 days old) by DaveAMKrayoGuy (Oak Park, MI)   |   | |
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As H. Ross Perot stated in his 1992 book, NOT FOR SALE AT ANY PRICE: "We play around with money"...
Quite an example of that philosophy, and more than 20-years-later since it came out, and when he'd speculated our problems w/ the US vs. Foreign Markets we were selling to, at the time of his (Ahem!) Presidential election campaign...
The news was just days ago... The deal seems to have been made overnight!
-- Dave |
Post# 782306 , Reply# 40   9/8/2014 at 09:45 (3,489 days old) by alr2903 (TN)   |   | |
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I hope folks in Louisville, get their financial house in order quickly. Anything could happen. I remember the families on TV speaking from Newton Iowa and Herrin Illinois. |
Post# 782504 , Reply# 41   9/9/2014 at 05:23 (3,488 days old) by arbilab (Ft Worth TX (Ridglea))   |   | |
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Both have been dancing on the border of craphood within recent memory. Within same timespan, GE sells legacy parts for the original purchase price of the whole damn appliance. Like Elliot Gould said to his seer in Ocean's Twelve, "This? You couldn't see This?"
Blahblahblah, 'family livelihoods'. Cheese with that whine? Profits from SALES are so 20th century. GE makes its REAL money financing products starting at $1M, not $0.5K. So they're systematically deleting things that cost less than multiples of $1M. See Elliot Gould above. (And see the movie, it's quite clever.) If this sounds bitter, it bloody well is. Dell did it to me in 2001. And you're gawdam right I resent the hell out of it. Under conventional planning principles I did everything right. No debts and savings targeted around $1M. Now I live in a subsidized retirement poorhouse. It's no consolation there are 50 million others, some not fortunate enough to qualify for retirement. They're just hung out to dry, while I can 'afford' shelter/food/utilities. This ain't what I "pledged allegiance" to for 12yrs back in the 50s. If you catch my drift. (Sorry, that rant leans toward Tub Turns. But I kept the expletives to things you can *sometimes* say on cable.) |
Post# 782735 , Reply# 44   9/10/2014 at 03:38 (3,488 days old) by mrb627 (Buford, GA)   |   | |
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Post# 782754 , Reply# 45   9/10/2014 at 07:23 (3,487 days old) by pierreandreply4 (St-Bruno de montarville (province of quebec) canada)   |   | |
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Hello to all aw members,
with said deal done i have a feeling alot of ge customers that buys the brand who will went to keep true ge appliance will be searching sites like craiglist kijji and swap shop and shop that sell used refurbish appliace for true ge filter flo dishwasher ect to name a few just to stay with true ge brand or have there actual machines repaired or restored. Pictured are up for a trip down memory lane credit to all aw members to whose pictures i am using |