Last month, we helped countless managers and management companies get rid of the frustration of purchasing major kitchen appliances and air conditioners! We’d like to help you do the same.
Call us and find out why more multifamily property managers, owners, builders and contractors are buying appliances and air conditioners from Feder’s Distributors. We make you our top priority. Our customer service, experience, expertise and pricing make us the best in the industry today.
SIMPLE 5-MINUTE ORDERING PROCESS BY PHONE, IN STORE, OR ONLINE
DELIVERy & INSTALLation WITHIN one to TWO BUSINESS DAYS
OUR EXPERIENCED SALESMEN ARE EASY TO FIND
WE’RE BUILDER DISTRIBUTORS SPECIALIZING IN MULTI-FAMILY
Our family-owned business was founded more than 40 years ago and still remains in the same location today. We have grown to be the leader in sales, distribution and installation of appliances and air conditioners within Southern California.
As always, Feder’s Distributors will beat any printed price and make sure you are 100% satisfied!
If your current appliance or air conditioner supplier cannot do all of the above, we’re a company that can. Please visit www.AptKitchens.com or call us to place your next order: 818-769-8000.
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.
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.
Creditors of South Korea’s Daewoo Electronics are putting the company up for sale again, after talks with an Indian-led consortium on a proposed deal worth US$746 million failed earlier this year due to a price disagreement.
The creditors will accept bids for the home appliances and television manufacturing arm of the Daewoo Group from Nov. 26-Dec. 17, and preferred bidders would be picked in January, a Daewoo spokesman said.
The creditors had scrapped a plan in February to sell the company after failing to close a deal with a consortium comprising India’s Videocon Industries Ltd. and RHJ International, the holding company of U.S. buyout fund Ripplewood.
Domestic creditors own 97.5% of unlisted Daewoo Electronics, which was placed under a debt rescheduling program after its parent group went bankrupt in 1999. (Reuters)
LIBERTY CORNER, N.J., Aug. 22 /PRNewswire-FirstCall/ — Fedders Corporation a leading global manufacturer of air treatment products, said today that in order to facilitate a restructuring that will enable it to preserve value and to continue operations the company’s North American subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company will seek strategic alternatives including a sale of its business units during the reorganization process.
Fedders’ non-North American subsidiaries, which include operations in China, India, and the Philippines, were not included in the filing.
“After careful evaluation, management and the board have concluded that in order to ensure the company’s business units’ viability and growth prospects, an exploration of the sale of the company’s businesses is in the best interest of all of its constituents,” said Michael Giordano, President and Chief Executive Officer of Fedders. “The Chapter 11 process will allow time for prospective buyers to evaluate the company and its business units while day-to-day operations continue.”
The company will retain an investment bank to evaluate strategic options and will only pursue transactions that bring the greatest value, Giordano noted. The company is also prepared to reorganize around its businesses and emerge from Chapter 11 protection with a new business plan should the expected proceeds from the sale of its business units not bring sufficient value.
In conjunction with the filing, Fedders has obtained a $79 million debtor- in-possession financing commitment from Goldman Sachs Credit Partners L.P. The proceeds from the financing, which is subject to Bankruptcy Court approval, will be used to refinance the company’s senior secured revolver and term loan, to pay fees and expenses associated with the financing and for operating expenses, including supplier obligations and employee wages, salaries and benefits.
In recent years, the North American room air conditioner market has become dominated by big box retailers whose product mix focuses primarily on the smaller size, lower price room air conditioner units, resulting in a decline in pricing, margins and profitability for manufacturers.
In response to the changing environment, Fedders undertook various steps to reorganize its operations around targeted, more profitable product and geographic segments of the IAQ (indoor air quality) and global HVAC (heating, ventilation and air conditioning) markets and has taken important strides to capitalize on new business opportunities.
The company has transitioned from a manufacturer of room air conditioners only, to a manufacturer of a broad line of residential, commercial and industrial IAQ and HVAC equipment. As part of the transition, Fedders expanded low-cost manufacturing facilities in Asia and closed underutilized U.S. factories.
“Despite previous actions we have taken to reduce costs, while expanding into growing profitable markets, our existing capital structure is not in line with current revenue and profits. The action we took today is critical to ensuring continued operations while we seek the best and highest offers for the businesses we decide to sell,” said Mr. Giordano.
Fedders filed its “first-day” motions along with its voluntary petitions covering employees and business operations, post-petition financing, continuing supplier relations, customer practices, taxes and related matters, utilities, retention of professionals and case administration matters.
In a closing comment, Mr. Giordano stated, “We are extremely grateful to the customers, employees and suppliers who have supported the company through these challenging times.”
Whirlpool Sells Amana Microwave Unit
Whirlpool Corp. has sold a commercial microwave unit for U.S. $49 million to Aga Foodservice Group Plc, according to a Bloomberg News report.
Whirlpool said in May it planned to sell the Amana commercial microwave unit, along with its Hoover vacuum, Dixie- Narco vending machine and Jade commercial appliance divisions, after its $1.68-billion purchase of rival Maytag Corp.
Amana microwaves are used at fast-food restaurants. The products are manufactured in Whirlpool’s factory in Amana, IA, U.S., where Whirlpool is expanding production of refrigerators with freezers on the bottom.
Solihull, England-based Aga said it will move production to a new site within 2 years.
Hoover’s fate is still being considered as Whirlpool gauges interest in the product line.