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post #1 of 25 (permalink) Old 05-14-2008, 06:08 PM Thread Starter
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GE getting out of appliance business

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MSNBC.com
Report: GE getting out of appliance business
Will auction off operations expected to fetch as much as $8 billion
The Associated Press
updated 7:02 p.m. ET, Wed., May. 14, 2008

FAIRFIELD, Conn. - General Electric Co. plans to auction off its appliances business, The Wall Street Journal reported Wednesday.
GE has hired Goldman Sachs Group Inc. to run an auction for the appliance division, according to the newspaper, which quoted unidentified sources. The sale could yield between $5 billion and $8 billion, the Wall Street Journal reported.
Spokesmen for the Fairfield-based industrial conglomerate and Goldman Sachs would not comment.
(Msnbc.com is a joint venture of Microsoft and GE's NBC Universal unit.)
GE last year took in $11.6 billion in its sale of its plastics division. Chief Executive Jeff Immelt has been under pressure to restructure the industrial and financial conglomerate, particularly since last month's surprising report that profit fell 6 percent in the first quarter.
At the time, Immelt brushed off questions about GE spinning off businesses. He said shortly after the earnings report that GE has already sold businesses valued at between $50 billion and $60 billion in what he called the "most active portfolio change in the history of the company."
Immelt also has rejected calls for GE to divest itself of NBC Universal.
GE entered the appliance business in 1907. Revenue for GE’s Louisville, Ky.-based industrial business, which includes appliance manufacturing, was nearly $17.73 billion in 2007, down slightly from $17.74 billion in 2006.
Total revenue for GE last year was $172.7 billion.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
URL: Report: GE getting out of appliance business - U.S. business - MSNBC.com
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© 2008 MSNBC.com
Guess who's gonna take up the slake?
Do you think this is going to hurt white hard working people with little or no college education as Hillary described? What are they going to cry about now: they took eeer jobs
What kind of skills are we going to boast other than perfecting the call: Do you want fries with that?
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post #2 of 25 (permalink) Old 05-14-2008, 06:40 PM
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While many of the appliances are already NAFTAed this is going to hit Kentucky pretty hard.

I am shocked, SHOCKED I SAY that our wonderful Senator Mitch McConnell [R-Lobbyists] or his highly efficient wife Dept of Labor Elaine [What do we need Regulations for?] Chao have not stepped up to help the good people of their home state on this.

GE in Louisville

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #3 of 25 (permalink) Old 05-14-2008, 06:43 PM
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Wow, that really is pretty startling...

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #4 of 25 (permalink) Old 05-14-2008, 10:13 PM
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Their customer service is poor and the quality of their products made them a questionable choice even though they were price leaders. I treated them as throwaways. Put a new range in a rental unit and toss it a few years later when the tenant moved out. It was cheaper and easier than cleaning the congealed fry grease that coated the exterior.

Don't even get me started on their dishwashers.

Now however, you have to factor in repair costs and it just makes better economic sense to go up a level for appliances.

Quis custodiet ipsos custodes?

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post #5 of 25 (permalink) Old 05-14-2008, 10:38 PM
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You get what you paid for, cheapskate.
I feel sorry for your tenant.

My GE appliances lasted 15+ yrs with no problems. You just
have to buy the better models.

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Originally Posted by Digmenow View Post
Their customer service is poor and the quality of their products made them a questionable choice even though they were price leaders. I treated them as throwaways. Put a new range in a rental unit and toss it a few years later when the tenant moved out. It was cheaper and easier than cleaning the congealed fry grease that coated the exterior.

Don't even get me started on their dishwashers.

Now however, you have to factor in repair costs and it just makes better economic sense to go up a level for appliances.
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post #6 of 25 (permalink) Old 05-14-2008, 11:24 PM
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You get what you paid for, cheapskate.
I feel sorry for your tenant.

My GE appliances lasted 15+ yrs with no problems. You just
have to buy the better models.
It didn't start out that way. You just get tired of forking over money for high dollar stuff when a couple of years later it is so grease encrusted that the clogged jets won't fire and the original white finish is now shit brown. And that's just the range. Ever see the door of a new side by side refrigerator after a three year old has climbed up and down the shelves repeatedly to get the stuff from the top of the door? You think one month's rent is enough of a security deposit to cover what's done by people who don't care because it's not theirs?

Apparently, you do feel sorry for them because you pay their rent every month when I cash the Housing assistance rent checks. Positive cash flow is a wonderful thing.

Quis custodiet ipsos custodes?

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post #7 of 25 (permalink) Old 05-14-2008, 11:53 PM
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Originally Posted by Digmenow View Post
. . . . You think one month's rent is enough of a security deposit to cover what's done by people who don't care because it's not theirs? . . . .
Maybe you should give them a better place to live!

Here's one of you tenants now . . . .

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post #8 of 25 (permalink) Old 05-15-2008, 12:00 AM
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Maybe you should give them a better place to live!

Here's one of you tenants now . . . .

If they think they're too good to live in a cardboard box, then I won't rent to them.




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post #9 of 25 (permalink) Old 05-15-2008, 12:11 AM
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Quote:
Originally Posted by Digmenow View Post
Their customer service is poor and the quality of their products made them a questionable choice even though they were price leaders. I treated them as throwaways. Put a new range in a rental unit and toss it a few years later when the tenant moved out. It was cheaper and easier than cleaning the congealed fry grease that coated the exterior.

Don't even get me started on their dishwashers.

Now however, you have to factor in repair costs and it just makes better economic sense to go up a level for appliances.
I went to a unit to change a sliding door screen as per the inspections requirement this evening and was amazed to find that out of probably 25 light bulbs in the apartment, 1 worked. It was so fucking dark that I had to go into the hallway with my screen roller and x-acto knife. The ambient temperature was approximately 98F and my glasses continuously slipped off my head from the flop sweat. The area was centered between 3 other units and although the nasal onslaught of curry, arroz con pollo and Lithuanian potato sausages was disturbing enough, it was the conglometory clamor of Ranchero, Polka and Bollywood theme music that eventually did me in. I called my Polish, born again Christian handyman with 2 prosthetic legs due to a long ago drinking tear in which he passed out in the snow. I know my limitations.

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post #10 of 25 (permalink) Old 05-15-2008, 02:12 AM
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. . . I called my Polish, born again Christian handyman . . .
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