General Electric announced it plans to sell its appliance division.
Last year GE sold its plastics division to a Saudi Arabian company for $11.6 billion.
How many other US companies have done or will do the same?
With the weak dollar you can expect many more to do so.
I remember when the USA used to sell products instead of our companies and real estate.
Ralph
If GE doesn’t make appliances anymore, what’s left of their business?? What else do they do?
Ray Dunakin said:Locomotives, jet engines, water treatment, power distribution equipment, port security machines, electronics, healthcare (xray machines, etc. who knew?), finance (business and consumer -- including Wally-Wurld's Discover card), AND they also own NBC...They got their fingers in a LOT of not so little pies
What else do they do?
Don’t forget nuc-u-lear power plants, both ashore and at sea!
Ralph Berg said:Well ain't that a kick in the butt. Most of my appliances are GE and I've been very happy with them.
General Electric announced it plans to sell its appliance division. Last year GE sold its plastics division to a Saudi Arabian company for $11.6 billion. How many other US companies have done or will do the same? With the weak dollar you can expect many more to do so. I remember when the USA used to sell products instead of our companies and real estate. Ralph
I did notice awhile ago down in Florence SC that the Maytag plant closed up. Don’t know if they moved elsewhere or just went out of business.
Ken Brunt said:Ralph Berg said:Well ain't that a kick in the butt. Most of my appliances are GE and I've been very happy with them.
General Electric announced it plans to sell its appliance division. Last year GE sold its plastics division to a Saudi Arabian company for $11.6 billion. How many other US companies have done or will do the same? With the weak dollar you can expect many more to do so. I remember when the USA used to sell products instead of our companies and real estate. RalphI did notice awhile ago down in Florence SC that the Maytag plant closed up. Don’t know if they moved elsewhere or just went out of business.
As I still see Maytag in the stores, I’m sure they moved. Probably Mexico.
Ralph
I did a lot of work for the Maycor Distribution Center (Maytag) in 1992 while living in Tenn. And no, the Maytag repairman is not idle. At that time, the Maytag guys said all the GE appliances were being built in Mexico. Also, don’t forget GE electric motors. Used to be 15,000 GE employees here in the ‘Magnetic wire capital of the world’ building those motors. Maybe 150 left. Craig A small portion of the campus
(http://farm2.static.flickr.com/1109/1063330197_c653c6e3eb.jpg?v=0)
One thing GE has always been good at is divesting themselves of marginal operations. Lots of GE plants in the US have closed up yet they remain one of the largest companies in the world. It’s unfortunate, but that’s the way of the world today.
Jon Radder said:It is unfortunate and it is the way of the world. The point is who will be buying the appliance division.Venture capital financing in the USA is almost non-existent. The buyer will most likely be Chinese or from one of the oil rich countries. Years of trade and budget deficits and now the money is coming back into the country. Buying companies and real estate. Large stakes in major banks have been purchased by foreign interests. The head of the Saudi Royal family is the largest land owner in Manhattan. This is just the tip of the ice berg. While Chicken Little worries about terrorism corporate America is holding a sale and selling off the brick and mortar assets. Ralph I edited this to remove "fire sale" as this would imply things are being sold below value.I also changed all reference to "our" as it is "their" assets. Sorry, just a poor choice of words the first time around. Ralph
One thing GE has always been good at is divesting themselves of marginal operations. Lots of GE plants in the US have closed up yet they remain one of the largest companies in the world. It's unfortunate, but that's the way of the world today.
Whirlpool bought Maytag and I think are still selling under the brand name but they are made in Whirlpool plants now.
And Whirlpool I believe is owned by Kitchen Aide or vice versa.
As I said-the tip of the ice berg.
The Belgian beer giant InBev is in the early stages of preparing what could be a $44.6 billion offer for Anheuser-Busch, the American maker of Budweiser beer, people briefed on the matter said Friday.
Ralph
as August Bush rolls over in his grave…
“SAN FRANCISCO (AP) – Del Monte will sell its seafood business, which includes the StarKist brand, to a South Korean company for $363 million as it focuses on higher margin produce and pet foods.”
Budwiser, Starkist, GE Appliances. The red light sale continues.
At least we will still be able to buy our pet food from an American company :lol:
Ralph
Boy, Ralph, you are just full of good news, aren’t you?
“Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded – here and there, now and then – are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people slip back into abject poverty.
This is known as “bad luck.”” From the Notebook of Lazarus Long, ca. 2342.
Notice anything similar to what is happening in the good ol’ USA?
I wonder if any of our Washington buracrats read the Rise and Fall of the Roman Empire when they were passing all their self-interest legislation for the last 100 years. Looks like our country is at the stage just before the Barbarians overun Rome.
GE just announced they would be selling the entire division, which includes lighting, motors and electrical distribution as well as appliances. The division is heavily dependent on North American sales.
Looks to me like they are betting against the US economy.
Ralph
Hi Folks,
why do you wonder that american business are sold out, here a fact :In 2007, the total U.S. trade deficit was $708.5 billion.
think global Pius
Labor’s cheaper overseas, but lately transportation costs have made it cheaper to make here. Trade deficit’s aren’t always a bad thing. It means we consume a lot of stuff…
Ken Brunt said:Consume more than you produce long enough and you end up in the situation we are in now. It is no different in a household. You can spend more than you make........but not indefinitely. Ralph
Labor's cheaper overseas, but lately transportation costs have made it cheaper to make here. Trade deficit's aren't always a bad thing. It means we consume a lot of stuff.........