GE keeps quiet on whitegoods division sale

By Chris Nicholls

BOSTON: General Electric has refused to comment on rumours reported in the Wall Street Journal that it is preparing to sell off its iconic whitegoods division.

The report, in yesterday’s WSJ online edition, stated the company had hired Goldman Sachs to handle the sale, but when contacted by Current.com.au, General Electric Corporate public relations director, Peter O’Toole, said he could not comment, reiterating the story was “a rumour”.

While General Electric no longer sells whitegoods in Australia, the divisions is one of the company’s most well known, particularly in its US home market.

However, it has been under threat recently, particularly as the company posted an unexpected drop in quarterly profit last month, according to Reuters. The result sent General Electric’s share price down 12 per cent, far worse than the Dow Jones index average for the same period.

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