General Electric said the company will carry out a plan to spin off its entire General Electric Consumer & Industrial division to existing shareholders and accelerate the divestiture of some of the oldest departments.
This strategy means that GE may withdraw from more familiar sectors such as lighting and electrical switches. In addition, the company does not rule out the possibility of selling consumer and industrial sectors or other options. The department was established five years ago. Last year, the total number of employees was 50,000 and sales were $13.3 billion.
GE CEO Jeffrey Immelt lowered its 2008 forecast in April and said it could split the electronics division a month later.
The number of employees in the consumer and industrial sectors accounts for about 15% of GE's total workforce, and last year's sales accounted for 7.4% of the company's total sales of $272.7 billion.
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