General Electric confirms plans for appliance unit

General Electric is considering shedding its 101-year-old appliances business, which pioneered innovations such as washer-dryers, air conditioners and microwave ovens.

The appliances division, which employs
13,000 people, is a relatively small part of the conglomerate – it
contributed $7.2bn (£3.6bn) of GE's $173bn of revenue last year
– but it is among GE's best-known brands and a sale could fetch more
than $5bn. The division has faced tough competition from east Asian
manufacturers.

Company faced anger among investors
last month over GE's first fall in quarterly profits in five years,
which sent the stock plunging by 13% – its largest one-day fall since
the stockmarket crash in 1987.