Bloomberg Business reports GE in talks with potential acquirers


by WHAS11

Posted on July 17, 2014 at 1:24 AM

Updated Thursday, Jul 17 at 8:21 AM

LOUISVILLE, Ky. (WHAS11) -- Bloomberg Business news on Wednesday afternoon is reporting that GE is apparently in talks with potential acquirers about purchasing its appliances business.

That appears to include both appliances and lighting. It would impact Appliance Park in Louisville.

Dishwashers, washers and driers as well as refrigerators are made at Appliance Park. Nearly 6,000 people are employed there.

So far GE is not commenting on the report, but are calling the national news media reports speculation. The local union chief said he is hearing the same rumors. 

Bloomberg is reporting that GE is looking to exit businesses where the company isn't a leader or poised for growth.

GE has invested millions into the Louisville Appliance Plant over hte past several years, but in 2008, CEO Jeff Immelt did try to sell the division, but to no avail. He has, more recently, been selling of parts of the company that are not as strong of money makers as others or those not number one in hteir markets.  

The Wall Street Journal reported Wednesday night that GE's Board of Directors is expected to discuss a potential sale at a meeting scheduled for next week. 

GE Union President Jerry Carney tells WHAS11 the big investment in building five, where they make refrigerators has paid off for Immelt. 

The plant opened in 1953, after being built for two years. 

Analysts believe the top companies interested in purchasing the Appliance Park are Sweden's Electrolux and Mabe in Mexico. Mabe has had a relationship with GE since 1987 and makes some of their appliances now. 

WSJ also said that China's Haier Group, South Korea's LG company and Samsung could have interest in the Louisville plant.