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G.E. Selling Appliance Division to Electrolux?
Word’s been out for a week or so now that GE is planing on selling it’s appliance division for somewhere in the vicinity of 4-6 Billion dollars.
Yesterday the CEO of GE named a few potential buyers including LG, Haier, Electrolux and others. My feeling is that Electrolux is probably the strongest contender. Especially since they are laying off more than 750 employees in their Italy plant and moving to a new location in order to cut about 34 Million dollars in expenses.
With their new line of Electrolux appliances in the States making a small dent in sales, Electrolux has had a lot of changes during the past year or so. Will they benefit from a purchase of this size? Maybe. They are already the low-price leader in stainless goods and I’m sure the GE name can give them an even bigger boost to their bottom line. Even if the purchase only includes the GE name for about 5 years.
I’m sure we’ll see what happens during the next few weeks.
G.E. Looks to Sell Its Appliances Unit
According to several sources…
General Electric is planning to sell its appliances division, one of the longest-running businesses in the conglomerate’s 120-year history, a person briefed on the matter said Wednesday.
A sale of the unit could fetch at least $5 billion, this person said. G.E. has hired Goldman Sachs to run the auction. Among the potential bidders are Haier of China, Bosch of Germany and LG of South Korea.
The announcement comes as G.E.’s chief executive, Jeffrey Immelt, tries to fix the troubled conglomerate, which has been hit unexpectedly hard by the credit market’s decline and the slumping economy.
Last month, G.E. reported first-quarter earnings that wildly missed analysts’ estimates and its own projections. The stunning announcement, made more notable by G.E.’s status as a bellwether of the economy, shook Wall Street’s confidence. The company’s shares fell 13 percent that day, its biggest one-day loss in two decades.
The picture Mr. Immelt is painting of the economy augured pessimism for consumer businesses like appliances as well. ‘’We are in the toughest economy since 2001 and the worst housing crisis since the Depression,’’ he told shareholders last month.
Since then, Mr. Immelt has vowed to cut $3 billion in costs at the company.
Though the appliance business comprises a small portion of G.E.’s $173 billion in annual revenue, divorcing it from the company would carry great historical import. Since it began selling appliances in 1907, the division has grown to more than $7 billion in annual revenue as it sells a wide range of products, including refrigerators, microwaves and dishwashers. Among the appliances it has introduced are the room air-conditioner (1930), the combined washer-dryer unit (1954) and the toaster oven (1956).
Yet despite its huge agglomeration of businesses, G.E. has sought to slim down recently, cutting loose even those units that hold sentimental value for the company. Last year, it sold its plastics business – where both Mr. Immelt and his predecessor, John F. Welch Jr., worked early in their careers – to Sabic, the big Saudi Arabian industrials company, for $11.6 billion.
Microsoft: Future homes to use smart appliances, interactive wallpaper
The latest remodel of the Microsoft Home, the software vendor’s techno-fueled vision of domestic accoutrements of the future, has no robot butlers nor any flying cars parked in the driveway.
But what it does showcase — and predict will be available to well-heeled cocooners five to 10 years hence — are a variety of smart appliances, from lamps to interactive wallpaper, that can be controlled by tablet PCs or cell phone-wielding residents.
Microsoft Corp. showed off the Home, located on its Redmond, Wash., campus this week.
First built in 1994 at a different location, the Home is stocked with technology that has been refreshed every few years. In the latest edition, not a single desktop or even laptop computer was displayed. Rather, Microsoft officials assume that computing power, mesh networking and thin LCD and OLED screens will become so cheap and ubiquitous that residents will be able to interact with computers from anywhere in the home.
The community mailbox outside tracks the mailman’s location using GPS, and users can get a real-time estimate of when mail will arrive on the mailbox display or by cell phone. RFID tags embedded into envelopes even detail what mail is on the way.
Visitors that ring the front doorbell have their picture taken by a digital camera, which is sent along with a notification to the cell phone of the homeowner, who can quiz the visitor or unlock the door. Upon entering, the visitor or homeowner can issue commands to the Home computer system, which in this case is named “Grace.” Or they can tap touch-sensitive OLED screens hidden under the wall’s paint. A sculptural light display in the corner flickers red to indicate when e-mail from a favorite sender — say, parents, children or siblings — has arrived.
Meanwhile, a bulletin board in the kitchen has been updated for the digital age. Pin a party invitation onto its smart surface, and information read from its RFID tag causes the question “Accept invitation, yes or no?” to be displayed below it. Or place a pizza coupon onto the board and the restaurant’s menu and phone number are displayed, the latter of which can be called with a tap on the board.
Jonathan Cluts, director of customer prototyping and strategy at Microsoft, predicts that RFID tags will become ubiquitous due to low cost and the ability to program and print them out at home using ink-jet printers with polymer-filled cartridges.
In the Home, a girl’s bedroom features a mirror that doubles as a screen. By holding clothes up to it, she can get information about them, including whether matching items like a skirt or jacket are in the closet or the wash. Meanwhile, wallpaper now being developed by companies such as Philips serve as giant displays for pictures from a MySpace page or even video.
The network that enables such ubiquitous connectivity relies on both wired and wireless technology. The physical cabling is not the key enabler, Cluts said. Rather, it is the IP-based network that uses Web services protocols developed by Microsoft over the years which link all of the electronic devices in the home.
Though Cluts said there is no cap on how much his team can spend on these prototype homes of the near future, Microsoft tries to include only high-end technologies that it believes will cost consumers six years from now about the same as their mainstream equivalents today. One example was the 2000 version of the Microsoft Home, when Cluts demanded, over protests, that no televisions or monitors with cathode-ray tubes be allowed.
“People thought we were crazy because regular-size plasma TVs were selling for $30,000,” Cluts said. “Now, a 65-inch screen plasma television costs less than $10,000.”
Microsoft doesn’t claim to be IT prescient, he said. Some of the technology, such as a digital home entertainment center displayed in the 2000 Home, leads directly to products from Microsoft. In that case, the Media Center versions of Windows XP emerged. Others, such as the video-on-demand technology in the original 1994 home, or a “smart” trash can that could detect garbage and alert homeowners about what to replenish, never make it as products.
“It’s like with a concept car,” he said. “Sometimes we make a [Chrysler] PT Cruiser. Sometimes we just make a hunk of glass and metal.”